Jack flipped a coin five times and each time it came up heads.His friend Atmel saw this and bet Jack that the next flip would come up tails.Atmel figured that it was overdue for a tails and so tails was a more likely outcome in the next flip.Atmel has fallen prey to:

Question

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The belief that independent prior outcomes affect future outcomes is called a gambler's fallacy.It can lead to wrong conclusions and bad decision making by managers,who wrongly attribute success to various causes.

Jack Flipped a Coin Five Times and Each Time It