Corey and Trevor are playing a coin-tossing game where each player, in turn, tosses a fair coin consecutively ten times. The winner of the game is the player who tosses the most consecutive tails. Corey decides to go first and tosses tails five times in a row. Ricky and Julian are observing the game and have the following conversation before Corey attempts the sixth toss: Ricky: "The probability of Corey tossing tails has to be greater than 75% because he is on a roll!"
Julian: "No, Ricky, the probability of Corey tossing tails has to be less than 25% because he is due to toss heads."
Ricky's statement is an example of __________, and Julian's statement is an example of ____________.

Question

Quizplus · Accepted Answer

Ricky's statement is an example of the hot-hand fallacy, which is the belief that a person who has experienced success with a random event has a greater chance of further success in additional attempts. Julian's statement is an example of the gambler's fallacy, which is the belief that a deviation from what occurs on average or in the long term will be corrected in the short term.

Corey and Trevor Are Playing a Coin-Tossing Game Where Each