diff --git a/glossary.md b/glossary.md index 07ad93e..13527f4 100644 --- a/glossary.md +++ b/glossary.md @@ -114,8 +114,6 @@ Ambiguity aversion (also known as uncertainty aversion) is a preference for know ## analogical reasoning -Analogical reasoning is any type of thinking that relies upon an analogy. An analogical argument is an explicit representation of a form of analogical reasoning that cites accepted similarities between two systems to support the conclusion that some further similarity exists. - ## anchoring effect It is a type of cognitive bias which makes people focus on the first piece of information (the "anchor") that was given to them, to make decisions. To explain this with an example; when buying a product if you're told a high price by the seller, your mind estimates the worth of that product as that initial/anchor price you're told, and then when you're offered a discount on it, you are more inclined to buy it thinking that you're getting it for cheap.