rational decision
ideally: u have to consider all the information available and assign values to all of the outcomes and select the best one.
bounded willpower
we don’t always do what we know is best
bounded self interest
we consider outcomes for others not just ousrelves
bonded ethicality
we may not be aware of ways we violate our own ethics
bounded awareness
we may fail to notice obvious info that is available
heuristics
mental shortcuts
system 1
thinking that is fast, intuitive, automatic, implicit, emotional, effortless
system 2
thinking that is slow, deliberate, effortful, explicit, logical