Gambler's Fallacy

Gambler’s fallacy is the tendency to think that future probabilities are altered by past events, when in reality they are unchanged.

The fallacy arises from an erroneous conceptualization of the law of large numbers. For example, “I’ve flipped heads with this coin five times consecutively, so the chance of tails coming out on the sixth flip is much greater than heads.”

Books about Cognitive Biases

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