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Cluster analysis
 

 

The general name for a number of different methods for grouping objects that have similar characteristics into sets or ‘clusters’. Cluster analysis is used to explore data by sorting different objects into sets so that the degree of association between two objects is maximal if they belong to the same set. It can be used to discover structures in data but provides no explanation for the structure.

 

Reference: Oxford Press Dictonary of Economics, 5th edt.