Asked by Arnel Salcedo on Jun 05, 2024
Verified
Malcolm has been watching a roulette-type game at a local charity bazaar.The game has only 10 numbers on the wheel,and every number except 8 has come up as a winner during the last 15 minutes.Malcolm decides to bet $10 on number 8,because it has to come up eventually.What has influenced Malcolm's choice in this case
A) gambler's fallacy
B) availability heuristic
C) base rate fallacy
D) conjunction fallacy
Gambler's Fallacy
The misconception that a departure from what occurs on average or in the long term will be corrected in the short term.
Roulette-Type Game
A gambling game in which a ball is dropped onto a spinning wheel with numbered compartments, with players betting on where the ball will come to rest.
Charity Bazaar
Denotes a fundraising event organized to raise money for charitable causes, often featuring sales of goods and various entertainments.
- Develop an awareness of how cognitive biases and heuristics contribute to our decision-making and the perception of our surroundings.
Verified Answer
Learning Objectives
- Develop an awareness of how cognitive biases and heuristics contribute to our decision-making and the perception of our surroundings.
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