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Questions and Answers
What happens when people witness a series of dichotomous events?
Based on the information provided, what do people expect when they witness fewer consecutive observations of one event?
What is the general trend in people's expectations when they witness more consecutive observations of one event?
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.
