Gambler's conceit

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Gambler's conceit is the fallacy described by behavioral economist David J. Ewing where a gambler believes they will be able to stop a risky behavior while still engaging in it. [1]

The gambler's conceit frequently works in conjunction with the gambler's fallacy, the mistaken idea that a losing streak in a game of chance, such as roulette, has to come to an end or is lowered because the frequency of one event has an effect on a following independent event. [2]

See also

References

  1. O’Brien, Liam (1 September 2014). Don't Bet the Farm: The Encyclopedia of Betting and Gambling. eBookPartnership.com. ISBN   978-1-78301-371-5.
  2. Clotfelter, Charles T.; Cook, Philip J. (December 1993). "Notes: The "Gambler's Fallacy" in Lottery Play". Management Science. 39 (12): 1521–1525. doi:10.1287/mnsc.39.12.1521. ISSN   0025-1909.