In a path-breaking work, Kahneman characterized human cognition as a result of two modes of operation, Fast Thinking and Slow Thinking. Fast thinking involves quick, intuitive decision making and slow thinking is deliberative conscious reasoning. In this paper, for the first time, we draw parallels between this dichotomous model of human cognition and decision making in Case-based Reasoning (CBR). We observe that fast thinking can be operationalized computationally as the fast decision making

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... a trained machine learning model, or a parsimonious CBR system that uses few attributes. On the other hand, a full-fledged CBR system may be seen as similar to the slow thinking process. We operationalize such computational models of fast and slow thinking and switching strategies, as Models 1 and 2. Further, we explore the adaptation process in CBR as a slow thinking manifestation, leading to Model 3. Through an extensive set of experiments on real-world datasets, we show that such realizations of fast and slow thinking are useful in practice, leading to improved accuracies in decision-making tasks.