The Standard and Raytrace materials both let you specify a shading type. Shading types are handled by a "shader," which offers you variations on how the surface responds to light.
Warning: When you change the shading type of a material, you lose the settings (including map assignments) for any parameters that the new shader does not support. If you want to experiment with different shaders for a material with the same general parameters, copy the material to a different sample slot before you change its shading type. That way, you can still use the original material if the new shader doesn't give you the effect you want.

Blinn and Phong shaders, respectively

Metal, Oren-Nayar-Blinn, and Strauss shaders, respectively

Anisotropic and Multi-Layer shaders, respectively
Several different shaders are available. Some of these are not available for Raytrace material, as indicated. Blinn is the most general purpose of these shaders. The others have special purposes, especially regarding how the material creates highlights.
Creates surfaces with noncircular, "anisotropic" highlights; good for modeling hair, glass, or metal.
Creates smooth surfaces with some shininess; a general-purpose shader.
Creates a lustrous metallic effect.
Creates more complex highlights than Anisotropic by layering two anisotropic highlights.
Not available for Raytrace material.
Creates good matte surfaces such as fabric or terra-cotta; similar to Blinn.
Creates smooth surfaces with some shininess; similar to Blinn, but doesn't handle highlights (especially glancing highlights) as well.
Creates both nonmetallic and metallic surfaces; has a simple set of controls.
Not available for Raytrace material.
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