Examlex
Historical records on a certain product indicate the following behavior for demand. The data represent the number days that the business was open during 2019 (note that it is possible to have more than 365 days as there are multiple store locations). Convert these data into random number intervals.
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.
Military Time
A timekeeping system that runs from midnight to midnight, displayed in a 24-hour format, to avoid ambiguity.
Documenting
The process of recording information systematically and accurately for the purpose of communication, compliance, and record-keeping.
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