Good luck, bad luck, and the hot hand: why random streaks look like they follow a rule
Psychology explains why we read random streaks as good or bad luck, and how the basketball hot hand debate pushed researchers to revise an old conclusion.
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Gambler's fallacy is the tendency to believe that after a run of results of the same kind, a different result is "due to appear", as if the coin knew how to balance out its own history. Tversky and Kahneman described this phenomenon in 1974 as a consequence of judging probability by representativeness rather than by actual probability.
From the article “Good luck, bad luck, and the hot hand: why random streaks look like they follow a rule”
Psychology explains why we read random streaks as good or bad luck, and how the basketball hot hand debate pushed researchers to revise an old conclusion.
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