1) Define System 1 and System 2 thinking

1) Define System 1 and System 2 thinking. Explain how they are relevant to decision-making. (75 words)

2. Explain what boundaries are and why they are important in decision-making. (75 words)

3. Explain what an alternative is and why it is important to decision-making. (75 words)

4. Describe the three forms of overconfidence and give examples of how overconfidence has caused some bad historic decisions. (300 words)

5. Explain rational decision-making, and briefly discuss the six steps needed to achieve rational decision-making. (300 words)