Which of the following beliefs are examples of the gambler's fallacy?
a. Random events are self-correcting. (For example if you are losing, believing that your luck is about to turn around.)
b. The long-run frequency of an event should apply in the short term as well. (For example, He's a 90 free throw shooter, and he's already missed 2 out of 3 tonight. There's no way he's going to miss this next one..)
c. Knowledge of one event will help predict the next event, even though the events are independent. (For example, you may hear someone at the craps table saying to the person rolling the dice, You're on a roll Don't stop now)
d. All of the above.
Question 2
Do you agree with the following statement regarding sequences of tosses of a fair coin? Explain why or why not. The sequence HHHHTH doesn't represent the fairness of the coin, and therefore is not as likely to occur as sequences such as HTHTTH..
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