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The Gambler's Fallacy (AKA Monte Carlo Fallacy or Fallacy of Statistics) Explained in One Minute 5 лет назад


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The Gambler's Fallacy (AKA Monte Carlo Fallacy or Fallacy of Statistics) Explained in One Minute

The Gambler's Fallacy (also called the Monte Carlo Fallacy and, less frequently, the Fallacy of Statistics) is basically a logical fallacy that makes people believe that past performance matters when it comes to statistically independent events. Hint: it doesn't. However, as this explanation of the Gambler's Fallacy will hopefully make clear, not all events are statistically independent. In other words, if one scenarios involves rolling a dice and another one involves drawing cards from a deck, the Gambler's Fallacy only applies to one. After watching this video, you'll know what the Gambler's Fallacy is, which scenarios the Gambler's Fallacy applies to and, most importantly, which mistakes a simple explanation of the Gambler's Fallacy can help you avoid. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playing around with Patreon, my link is:   / oneminuteeconomics   Interested in reading a good book? My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below: Amazon - https://www.amazon.com/Wealth-Managem... Barnes & Noble - http://www.barnesandnoble.com/w/wealt... iBooks (Apple) - https://itun.es/us/wYSveb.l Kobo - https://store.kobobooks.com/en-us/ebo... My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below. Amazon - https://www.amazon.com/Age-Anomaly-Sp... Barnes & Noble - https://www.barnesandnoble.com/w/the-... iBooks (Apple) - https://itunes.apple.com/us/book/age-... Kobo - https://www.kobo.com/ww/en/ebook/the-... Last but not least, if you'd like to follow me on social media, use one of the links below:   / oneminuteeconomics     / andreipolgar     / andrei-polgar-9a11a561  

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