Behavioral economists often simplify the thought process as having two systems.

Question

Behavioral economists often simplify the thought process as having two systems.

These two systems are the meta-process, which is slow and deliberate; and the rational process which is fast and intuitive.

the automatic process, which is slow and deliberate; and the reflective process which is fast and intuitive.

the automatic process, which is fast and intuitive; and the reflective process which is slow and deliberate.

the meta-process, which is fast and intuitive; and the rational process which is slow and deliberate.

Explanation / Answer

the automatic process, which is fast and intuitive; and the reflective process which is slow and deliberate.

Daniel Kahneman uses a dual-system theoretical framework to explain why our judgments and decisions often do not conform to formal notions of rationality.

System 1 consists of thinking processes that are intuitive, automatic, experience-based, and relatively unconscious.

System 2 is more reflective, controlled, deliberative, and analytical.

Judgments influenced by System 1 are rooted in impressions arising from mental content that is easily accessible. System 2 monitors or provides a check on mental operations and overt behavior—often unsuccessfully.

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