Level Up Your Gambler'S Fallacy Skills with Practice Problems and Expert Insights

Gambler's fallacy is a cognitive bias in which a person mistakenly believes that a certain event is more or less likely to happen based on the results of past events. This fallacy is commonly seen in casinos, where a person will continue to bet on a certain outcome despite low odds, and in everyday life where people try to predict the future based on past events. To understand and avoid the gambler's fallacy, it is important to be aware of the equations and answers associated with it. With this knowledge, people can make more informed decisions and correct their behavior.