The is the belief that a string of losses in the past will be compensated by wins in the future. winning wager gambler's fallacy gambler's bet law of large numbers

metodystap9

metodystap9

Answered question

2022-08-12

The is the belief that a string of losses in the past will be compensated by wins in the future.
winning wager
gambler's fallacy
gambler's bet
law of large numbers

Answer & Explanation

Dominique Mayer

Dominique Mayer

Beginner2022-08-13Added 10 answers

Step 1
(a)Winning wager is all about winning something risked on an uncertain event.
Here we cannot predict anything, that is whether there will be a loss or success.
So this option is wrong.
(b)Gambler's fallacy is also known as fallacy of maturity of chances.
Here it is believed that if a particular event that happens frequently, during the past is less likely to happen in future.
That is if there is a loss in past it is believed that there will be wins which compensate the losses.
So, this option is correct
Step 2
(c)Gambler's bet is the betting of something, by taking the risk of loss and hoping for the gain.
Here also there is an uncertainty of the outcome.
So we cannot predict the future.
Therefore this option is wrong.
(d)Law of large numbers state that, the average of the results obtained from large number of trials should be close to the expected value and will tend to become closer to the expected value as more trials are performed.
Here also there is no belief of the wins in future. This is purely based on the present and number of trails performed.
Therefore the answer is the second option, Gambler's fallacy.

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