The gambler's fallacy is thought of as a special instance of ______.
A)framing
B)availability
C)belief in the law of small numbers
D)hindsight

Question

Quizplus · Accepted Answer

The gambler's fallacy is a specific example of the belief in the law of small numbers, which is the incorrect assumption that small samples will closely reflect the properties of the larger population they are drawn from. In the context of gambling, this fallacy leads individuals to believe that if, for example, a coin has landed on heads multiple times in a row, it is "due" to land on tails, mistakenly applying the law of large numbers to small sequences of events.

The Gambler's Fallacy Is Thought of as a Special Instance