In his best selling book, Thinking, Fast and Slow, Daniel Kahneman explains that people's thought system can run under two different modes:
On the other hand, knowing the existence of fast thinking helps us considering the attention-narrowing effects (caused by the visceral factors)  and D-K effect (Dunning-Kruger) when we expect others to make decisions.
”Visceral factors are states such as hunger, thirst, sexual desire, drug cravings, physical pain, and fervent emotion that influence how much goods and actions are valued.“ - From iResearchNet
"Dunning–Kruger effectis a cognitive bias in which people mistakenly assess their cognitive ability as greater than it is." - Wikipedia
- 2012 Daniel Kahneman - Book: Thinking, Fast and Slow (2011)
- 2013 Rober J. Shiller - Book: Irrational Exuberance (2000)
- 2017 Richard Thaler - Book Nudge: Improving Decisions About Health, Wealth, and Happiness (2009), known for "Mental Accounting"
- George Loewenstein, Out of Control: Visceral Influences on Behavior, 1996