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A test of the gambler's fallacy: Evidence from pari-mutuel games

Journal of Risk and Uncertainty, no. 3 (1994): 309-317

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The “gambler's fallacy” is the belief that the probability of an event is decreased when the event has occurred recently, even though the probability is objectively known to be independent across trials. Clotfelter and Cook (1991, 1993) find evidence of the gambler's fallacy in analysis of data from the Maryland lottery's“Pick 3” numbers ...更多

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