This article by William Forbes reviews two approaches to understanding the role of unconscious thoughts in financial decision-making: the psychoanalytic approach of Taffler and Tuckett, and the fast-and-frugal approach of Gigerenzer and his colleagues.

• The psychoanalytic approach portrays the unconscious as a source of emotional and irrational impulses that can distort or disrupt rational and effective financial choices. The unconscious is influenced by fantasies, desires, fears, and conflicts that may lead to reality denial, overconfidence, or self-deception.
• The fast-and-frugal approach argues that the unconscious is a source of ecological and adaptive heuristics that can enhance or simplify financial choices. The unconscious is guided by intuition, gut feelings, and rules of thumb that may enable fast and frugal processing of complex and uncertain information.
• The article suggests that both approaches have their merits and limitations, and that the choice between them depends on the context and the nature of the financial problem. The article also highlights the common ground between the two approaches, such as the recognition of decision-making under uncertainty and the importance of emotions.

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