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.
Related Articles | |
Magical thinking at psychology-glossary.com | ■■■■■ |
Magical thinking refers to a peculiarity of thinking in which an individual makes a connection between . . . Read More | |
Self-efficacy at psychology-glossary.com | ■■■■■ |
Self-efficacy refers to a sense that one is competent and effective, distinguished from self-esteem, . . . Read More | |
Supposition at psychology-glossary.com | ■■■■■ |
Supposition in the context of psychology refers to a cognitive process where an individual assumes or . . . Read More | |
Adolescent egocentrism at psychology-glossary.com | ■■■■■ |
Adolescent egocentrism refers to self-absorption that is characteristic of teenagers as they search for . . . Read More | |
Pessimist at psychology-glossary.com | ■■■■■ |
A pessimist is someone who tends to see the worst aspect of things or believe that the worst will happen. . . . Read More | |
Randomization at psychology-glossary.com | ■■■■■ |
Randomization refers to the process whereby individuals are assigned to study groups without biases or . . . Read More | |
External locus of control at psychology-glossary.com | ■■■■ |
External locus of control refers to the extent to which people believe that their success and failure . . . Read More | |
Cult at psychology-glossary.com | ■■■■ |
Cult refers to a group that professes great devotion to some person and follows that person almost without . . . Read More | |
Dialogue at psychology-glossary.com | ■■■■ |
Dialogue refers to an open, honest discussion between or among the parties in a dispute. In a dialogue, . . . Read More | |
Miracle at psychology-glossary.com | ■■■■ |
Miracle: In the context of psychology, the concept of a miracle—an event or phenomenon that is not . . . Read More |