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
[edit]References
[edit]- ^ 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.
- ^ 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.