When you refer to path selection, I assume you mean routing in general. As far as routing goes, an ASA will function much the same as a router using either a static or dynamic routing. Things get a little more complicated when NAT is involved. Take a look at this post which describes this further. This post also includes information about order of operations, something that is intricately connected to routing decisions on ASAs.
If you have any additional questions, feel free to ask!