The Gambler’s Fallacy: Why We Believe in ‘Hot Streaks’
You sit at a roulette table. The ball lands on black five consecutive times. You don’t flinch—you place a wager on red. Why? Because red is “due.” It has to be next. But is it? This type of thought is referred to as the Gambler’s Fallacy—a perception that prior results determine subsequent outcomes in games […]
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