Dual Process Theory is a cognitive theory that explains how people make decisions. It states that decisions are based on two types of thinking: System 1, which is fast, automatic, and impulsive; and System 2, which is slow, conscious, and deliberative. The two systems are often in conflict, as System 1 thinking tends to be more intuitive and emotional while System 2 thinking is more logical and reasoned. This theory has been widely studied and applied to many fields, including psychology, economics, and marketing.
The theory was first developed by psychologists Daniel Kahneman and Amos Tversky in the 1970s. They proposed that people make decisions by using two different processes: System 1 and System 2. System 1 is the automatic, intuitive, and emotional thinking process. It often produces quick, impulsive decisions based on past experiences and feelings. In contrast, System 2 is the slow, conscious, and logical thinking process. It involves deliberate and reasoned decision-making, which often requires more effort and time.
Due to its applications in multiple fields, Dual Process Theory has been studied extensively. For example, in psychology, it has been used to explain the human decision-making process, as well as how people form opinions and attitudes. In economics, it has been used to explain economic behavior, such as consumer decision-making and market behavior. In marketing, it has been used to understand consumer behavior and develop marketing strategies.
Overall, Dual Process Theory is a valuable tool for understanding how people make decisions. It has been widely applied to understand behavior in multiple fields, and it has helped to advance our understanding of decision-making in both individuals and groups.
References
Kahneman, D., & Tversky, A. (1973). On the psychology of prediction. Psychological Review, 80(4), 237-251.
Kahneman, D. (2011). Thinking, fast and slow. New York: Farrar, Straus and Giroux.
Gigerenzer, G., & Selten, R. (Eds.). (2001). Bounded rationality: The adaptive toolbox. Cambridge, MA: MIT Press.
Gigerenzer, G., Todd, P. M., & the ABC Research Group. (1999). Simple heuristics that make us smart. New York: Oxford University Press.
Gigerenzer, G., & Gaissmaier, W. (2011). Heuristic decision-making. Annual Review of Psychology, 62, 451-482.