So if I see something offered that I need to buy and the price is attractive, I leave and wait for some time - again, depending on the sum in question it may be a day, maybe more. If after the wait the offer is still attractive - I take it. If after the pressure is off I discover the deal doesn't look as nice as it looked - I pass. If the salesman says "if you don't buy now, the deal is off" I say "it was nice talking to you, good bye". So far this rule worked quite well for me.
As for using it in business - it is used all the time. I've been subjected to it (to remove any doubt - in US, not Israel, and not by Israelis :) many times, and not only in the malls. It is being used because it works - you think people doing it do it for their own enjoyment? They do it because that's how they make the most money. Not my money, though :)