The "Gambler's Fallacy" overlooks the fact that probability values may never be greater than 100.

Question

Quizplus · Accepted Answer

The Gambler's Fallacy is the mistaken belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa, assuming that a departure from what occurs on average will be corrected in the short term. It does not concern the fact that probability values may never be greater than 100%, but rather the incorrect assumption that independent events in a random process will "even out" in the short term.

The "Gambler's Fallacy" Overlooks the Fact That Probability Values May