A common misconception that can lead to poor decision making by assuming that a desired outcome is more likely due to past events.
Examples of Gambler's Fallacy:
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This series explores 21 different cognitive mind traps, fallacies, biases and other phenomenon that exist within your brain. This series is inspired by Daniel Kahneman's "Thinking Fast and Slow."
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Similar ideas to 5: Gambler's Fallacy
The odds are always fifty-fifty. But most of us anticipate better odds, or better luck, after a bad streak, as if now we are due for good luck.
This ‘Gambler’s Fallacy’ assumes that probability as a whole has memory, and if the coin is flipped ten times and shows ‘head...
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