Tag: probability

The Gambler’s fallacy

The Gambler’s fallacy is a psychological error, also referred to as the fallacy of the maturity of chances. It is the belief that deviations from expected behaviour revert to mean. This is often referred to as ‘the law of averages’, I prefer to call it ‘The flaw of averages’

It layman’s terms it’s the feeling your mind gets when 15 reds pop up on the roulette table. There can’t be a sixteenth can there? So you bet black. In reality, …