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