The Gambler's Fallacy: Misunderstanding Probability and Randomness | Psychology Insights

The Gambler's Fallacy is a cognitive bias where individuals believe that past events can influence the likelihood of future random events. In this video, we explore what the Gambler's Fallacy is, how it works, and its impact on decision-making, especially in gambling and financial investments. Learn strategies to recognize and avoid this fallacy for more rational decision-making.

🔍 Topics Covered in the Video:

Definition and Explanation of the Gambler's Fallacy
Examples of the Gambler's Fallacy in Everyday Life
Psychological Mechanisms Behind the Gambler's Fallacy
The Impact of the Gambler's Fallacy on Gambling and Financial Decisions
Techniques to Overcome the Gambler's Fallacy for Better Decision-Making
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[ShreksthHusband]

But getting 5 tails in a row is more rare than it landing on heads. Correct me if I’m wrong.