Rationality requires managing your cognitive biases
The Rational View podcast with Dr. Al Scott
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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.
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