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The Gambler's Fallacy Quiz

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Questions and Answers

What happens when people witness a series of dichotomous events?

The more consecutive observations of one event they see, the more they expect the next one to continue the series (correct)

The less consecutive observations of one event they see, the more they expect the next one to be the other event

The more consecutive observations of one event they see, the more they expect the next one to be the other event

None of the above

Based on the information provided, what do people expect when they witness fewer consecutive observations of one event?

They expect the next event to be the same as the previous event

They expect the next event to be different from the previous event (correct)

They expect the next event to be a combination of both events

None of the above

What is the general trend in people's expectations when they witness more consecutive observations of one event?

They expect the next event to be the same as the previous event

They expect the next event to be different from the previous event

Their expectations remain the same regardless of consecutive observations (correct)

None of the above

Study Notes

The Gambler's Fallacy

When people witness a series of dichotomous events, they tend to expect a reversal or a shift towards the opposite outcome.
Witnessing fewer consecutive observations of one event leads people to expect the next event to be the opposite outcome, as if the probability of the opposing event increases.
As people witness more consecutive observations of one event, they tend to expect the streak to continue, overestimating the likelihood of the same outcome occurring again.

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Description

Test your understanding of the psychological phenomenon known as the "gambler's fallacy" with this quiz. Explore how people's expectations of future events are influenced by the pattern of previous events. Identify the correct response to predict what participants would expect to happen next based on consecutive observations.