Gamblers Fallacy Essay

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The Gamblers Fallacy Is Associated with Weak Affective Decision Making but Strong Cognitive Ability A Review by, Sara Dobbs PSY 335 Cognition 9/28/13 The Gamblers Fallacy is belief that if something happens more frequently than normal during some period, then it will happen less frequently in the future. Consider the coin toss effect. A truly random act of guessing, the person who guesses has a fifty percent chance of guessing the right answer solely on the premise that after the coin is flipped, it will either land on heads or tails. The Gamblers Fallacy comes into effect when a person believes that after a series of flips, if the coin has landed on heads too many times, that the reverse effect will start happening, and vice versa. The Gamblers Fallacy exists not only in coin tosses, but in the real world of gambling, when a person has had a rough bout with a hand of cards that their “luck” will turn around and the cards will start being dealt in that persons favor. The main purpose of this article is to determine whether or not individuals with strong cognitive abilities fall for the Gamblers Fallacy when introduced to a gambling type atmosphere. Decision making is an important role when figuring out patterns, then subjects use strategies to use in context in order to guess correctly, thus implementing the Gamblers Fallacy strategy (Xue, et al., 2012). What is expected of course is that individuals with strong cognitive abilities will be able to recognize these patterns and avoid such pit falls like the Gamblers Fallacy. The hypothesis of this article is to test if the Gamblers Fallacy is associated with weak affective decision making. This is supported by the notion that Gamblers Fallacy results from imbalanced cognitive and emotional decision making skills, those who have impaired affective decision making skills exhibit behavior
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