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Update glossary.md
hjain5164 Jan 6, 2019
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Expand Up @@ -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.
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