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Gambler's Fallacy

Definition 1

The term gambler’s fallacy refers to the mistaken belief held by some people that independent events are interrelated. For example, a roulette or lottery player may not choose to bet on a number that came up in the previous round. Even though people are usually aware that successive draws of numbers are unrelated, their gut feeling may tell them otherwise (Rogers, 1998).

Source: Behavioral Economics

Definition 2

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