The belief that chance processes are self-correcting is called
A) the gambler's fallacy.
B) probability ignorance.
C) overconfidence.
D) conjunction error.

Question

Quizplus · Accepted Answer

The gambler's fallacy is the belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa, under the mistaken assumption that long-term outcomes must balance.

The Belief That Chance Processes Are Self-Correcting Is Called