Question

In the context of behavioral economics, the belief that outcomes that have not occurred in the recent past are more likely to occur soon, and that recent outcomes are unlikely to be repeated in the near future is best referred to as the ________ fallacy.

Answer 1

Gamblers.

Step-by-step explanation:

This is a belief by a certain people from a school of thought that something is likely to or not occur and this is seen to happen within a period of time. This belief carriers the said person to keep in line or stop within this period in his endeavours towards a particular goal or work. This is seen in human which try their chances a lot in gambling in the likes of casinos etc and also human to human risk. This fallacy can be seen when a team has won the coin toss for the last three games. So, they are definitely going to lose the coin toss tonight. Also the last time they spun the wheel, it landed on 12. So, it won't land on 12 this time.