Gambler’s fallacy is defined as an erroneous belief that a random process , for example, a coin flip or a spin of a roulette wheel, will automatically keep track of the outcomes in order to make the overall rate of an outcome in the short run equal to the overall rate of that outcome in the long run. Gambler’s fallacy is the tendency to believe that a particular chance event is affected by previous events and that chance events will "even out" in the short run; the tendency to believe that random events are self -correcting.

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