Tuesday, August 16, 2005

The Gambler's Fallacy and the Hot Hand: Empirical Data from Casinos

The Gambler's Fallacy and the Hot Hand: Empirical Data from CasinosMoneyscience.org points to the paper by Croson and Sundali (in the Journal of Risk and Uncertainty) who use video from a casino to document the existence of both a gambler's fallacy (the idea is that because some event has not happened in a while it is "due" and the hot hands fallacy (I am on a roll, so I will remain lucky).A few

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