“Gamblers Fallacy for You …
Hey, Ion, axiomaticule, in the gamblers fallacy it is said that an event with a given probability can occur or fail to occur an infinite number of times….
Let’s consider an event with probability of success p and probability of failure q = 1 – p. As far as I know, the probability of n consecutive successes or failures is expressed as p ^ n or q ^ n.
Even from high school I know that the limit of q ^ n when n tends to infinity is 0 if -1<q<1. That would mean that the probability of an infinite success or failure is 0. Conversely, it is certain that this will not occur. Are my thoughts correct? Continue reading “Gambler’s Fallacy — Why Not Reversed Gambler’s Fallacy As Well?”
The gambler’s fallacy is when an individual erroneously believes that the onset of a certain random event is less likely to happen following an event or a series of events ex. if you get 25 heads in a row by flip of coin, than in 26th attempt chances of getting tail is very high. But this is not correct every time you flip coin chances of getting head or tail are 50%. What happened in past has does not influence current event. Continue reading “Gambler’s Fallacy”