Hot streaks are actually real...
May 16th, 2014 at 12:48:23 PM
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Gambling Hot Streaks Are Actually Real
Money quote, after a few charts: "This is a neat result. Everyone knows that the Gambler's Fallacy is, well, a fallacy, but its wrongness is exacerbated by the fact that gamblers can't help but believe it's true. If you're on a winning streak, you're not "due" for anything, but thanks to a fluke in our psychology, you are more likely to keep winning."
Money quote, after a few charts: "This is a neat result. Everyone knows that the Gambler's Fallacy is, well, a fallacy, but its wrongness is exacerbated by the fact that gamblers can't help but believe it's true. If you're on a winning streak, you're not "due" for anything, but thanks to a fluke in our psychology, you are more likely to keep winning."
A falling knife has no handle.
