In Hierarchical Cluster Analysis, Objects Can Leave One Cluster and Join

question 21

True/False

In hierarchical cluster analysis, objects can leave one cluster and join another, as clusters are being formed until they are finalised.

Recognize the influence of framing, anchoring, and the endowment effect on economic decisions.

Understand mental accounting and its impact on spending and saving behaviors.

Explain the role of default options and status quo bias in decision-making processes.

Understand the introduction and evolution of women's suffrage in the United States.

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Definitions:

Similarity

The state or fact of being alike or having common features, which can lead to the grouping of objects or ideas in cognitive processes.

Physical Attractiveness

The degree to which a person's physical features are considered aesthetically pleasing or beautiful by others.

Stanford Prison Experiment

A 1971 psychological study of the human response to captivity, in which participants were randomly assigned roles of prisoners or guards.

Zimbardo

Refers to Philip Zimbardo, a psychologist best known for his Stanford prison experiment that studied the psychological effects of perceived power.