Lien, Jaimie W.; Yuan, Jia - In: Journal of Economic Behavior & Organization 109 (2015) C, pp. 163-172
Traditionally, the Gambler's Fallacy is described as the belief that a sequence of independent outcomes over time should exhibit short-run reversals. The underlying psychological bias thought to drive this fallacy is Representativeness Bias: the idea that even a small sample of outcomes should...