The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable and superior in quality and reliability.
Definition of simulate. simulated. ; simulating. transitive verb. 1 : to give or assume the appearance or effect of often with the intent to deceive : imitate. 2 : to make a simulation of (as a physical system)
simulation heuristic. This is the tendency to judge the frequency or likelihood of an event by the ease with which you can imagine (or mentally simulate) an event. You mispredict the possibility of this happening because of the ease with which we can imagine it.