How does the idea of independent events help in explaining the gambler's fallacy in a roulette game?
What will be an ideal response?
The gambler's fallacy refers to the assumption that random outcomes tend to avoid repeats. In a roulette game, outcomes are random and independent. Two random outcomes are said to be independent when knowing about one outcome does not help predict the other outcome. Hence, the outcome of one roulette game has nothing to do with the outcome of the next game and the idea that outcomes of a roulette game tend to avoid repeats is a fallacy.
Economics
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