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I've always argued/opted for the a mix of cookies and sessions - if in the current session there's a refcode, that affiliate gets credit (deals with bookmarks and the above). If not, then the cookie prevails. Which cookie... I'd argue for the first ie if cookie is present, don't overwrite.
It's an interesting conundrum and lots of people play it differently without the affiliate even knowing
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(consider figuring out the email as test #1)
All models are wrong, but some are useful. George E.P. Box. p202
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