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How Do People Who Bought the Real Thing React When

question 17

Essay

How do people who bought the real thing react when they see imitations of their prized handbags or watches parading by them on the street? What are some of the global problems that are created by counterfeit products?


Definitions:

Anchoring and Adjustment

A cognitive bias in decision-making where an initial piece of information (the anchor) heavily influences subsequent judgments and adjustments.

Availability Bias

A cognitive bias that influences decisions based on the immediate examples that come to a person's mind.

Negotiation

A process of discussing issues openly and attempting to reach a joint decision or agreement.

Risk-Averse

The tendency to prefer avoiding losses over achieving equivalent gains.

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