Availability error

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Availability error, related to the gambler’s fallacy, is the distortion of one’s perceptions of reality due to the tendency to remember one alternative outcome of a situation much more easily than another. For example, if surrounded by slot machines people … Read More

Non-examples for gambler’s fallacy

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There are many scenarios where the gambler’s fallacy might superficially seem to apply, where it in fact does not. When the probability of different events is not independent, the probability of future events can change based on the outcome of … Read More

Gambler’s fallacy example: coin-tossing

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The gambler’s fallacy can be illustrated by considering the repeated toss of a coin. With a fair coin the chances of getting heads are exactly 0.5 (one in two). The chances of it coming up heads twice in a row … Read More

Gambler’s fallacy

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The gambler’s fallacy is a logical fallacy that mistakenly believes past events will affect future events when dealing with random activities, such as many gambling games. It can encompass any of the following misconceptions: A random event is more likely … Read More