Thinking and decision-making

Question 1

Introduction

Answer 1

Decision-making is the process of identifying and choosing alternatives based on the values and preferences of the decision-maker

Question 2

Dual processing model

Answer 2

Explains there are 2 main modes of thinking and decision making

Question 3

System 1

Answer 3

• Fast/intuitive thinking
• Unconscious, automatic, prone to error and cognitive biases
• Uses mental shortcuts (heuristics) where we fail to think logically and base decisions on information that is readily available to us (so context-dependent)

Question 4

System 2

Answer 4

• Slow/rational thinking
• Conscious, backed up with reasoning, effortful, less prone to error, slow