AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
3min chapter
Rationality requires managing your cognitive biases
The Rational View podcast with Dr. Al Scott
The Fallacy of the Gambler's Mind
There is no law of averages that says that if you have an overabundance of heads, that it should be followed by an overABundance of tails. That's just not true. And this is how people lose a lot of money gambling. On the other side of the fallacy are the many folks who believe that luck runs in streaks. This is especially common in casinos as well. You see people that believe they have a cold dealer or they have a hot hand. We need to teach ourselves not to be fooled by the appearance of a pattern.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode