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Define Scheffé test
Reasoning
The mental activity of transforming information to reach conclusions.
Confirmation Bias
The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.
Endowment Effect
The cognitive bias causing individuals to ascribe higher value to things merely because they own them.
Loss Aversion
A psychological principle suggesting people tend to prefer avoiding losses to acquiring equivalent gains.
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