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Tag: the gambler’s fallacy

The Law of Large Numbers

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Law of Large Numbers (LLN) states that as the number of observations of an event increases, the observed probability approaches to the expected value.

The Gambler’s Fallacy: odds are not in your favor

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The Gambler’s fallacy refers to the situation in which an agent erroneously considers the occurrence of an event to be dependent on past occurrences.

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  • Amos Tversky
  • Daniel Kahneman
  • cognitive bias
  • Milton Friedman
  • Wealth of Nations
  • Nobel Prize Laureate
  • Adam Smith
  • 20:20 ratio
  • law of small numbers
  • the halo effect
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  • income inequality
  • Law of Large Numbers
  • Dow Jones Industrial Average
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  • Behavioral Economics
  • daniel kahnemann
  • hyperinflation
  • the gambler's fallacy
  • gambler's fallacy
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