Representative Heuristic
over long term, ____ probability shows itself
true
give an example of representative heuristic
flip a coin 6 times; which sequence is more likely: all tails or T, H, H, T, T, H - Because the second option looks more random, people are more likely to choose the second option even though the first is just as likely
define representative heuristic
A strategy where the likelihood of an event is estimated by comparing how similar it is to the prototype of the event - probability of something happening - thinking everyone with glasses is nerdy
define gamblers fallacy
if something happens more frequently than normal during a given period, it will happen less frequently in the future - probabilities can be controlled in short term - they believe that past events affect the probability of something happening in the future
gamblers fallacy is influenced by the law of small ________
samples - in short term, you can defy the odds - Winning streaks in gambling