grind29
Active member
- Messages
- 121
- Reaction score
- 115
- Points
- 43
1: Gambler's Fallacy
The gambler's fallacy is incorrectly believing that a certain random event is less likely or more likely to happen based on the outcome of a previous events. Past events do not change the probability that certain events will occur in the future.For example, it does not matter if you flipped heads 10 times in a row, it does not make it more likely that the next flip will be tails. It is still 50/50.
https://thedecisionlab.com/biases/gamblers-fallacy | https://en.wikipedia.org/wiki/Gambler%27s_fallacy
2: Sunk Cost
This is the sunk cost fallacy is "throwing good money after bad", while refusing to give in to "cutting one's losses".For example, some people remain in failing relationships because they “have already invested too much to leave.” Or a gambler might continue to chase their losses in a fit of rage-betting, spending more based on what they lost. Don't let yourself believe you are supposed to have what you had before, it is gone. Assess your current situation for what it is and do what's best for you now.
https://thedecisionlab.com/biases/the-sunk-cost-fallacy | https://en.wikipedia.org/wiki/Sunk_cost
3: Hot Hand
Similar to the gambler's fallacy, it is the belief that one's winning streak is likely to continue. Some studies have shown there is some evidence for it but only with skill based tasks, like basketball, not for randomized tasks like casino games.https://en.wikipedia.org/wiki/Hot_hand