Behavioral Finance - essay answers HELP!

When identifying which bias, obviously we just state the bias. However, in the next step when it asks to justify with an example, do we need to define the bias then give the example??

i.e. CFAI 2014 AM session question 11. The model guideline answer described each bias - so I’m assuming we need to write the definition of the bias first?

And, if so, will we at least get some points if we have the example accurately explained? On the mock exam, I docked myself about 2/3 of the points for not having the definition first.

i dont think that you need to define the bias. just justify it with the example and you should be good to go. i think the answer provides that just as a learning tool…but then again i havent took the exam yet so im not entirely sure.

Do exactly what the quesiton is asking you to do.

Read the question carefully, and dont hedge your answes… you will probably get 0 points for defining the bias whereas the question asks you to justify from the vignette…