The Truth:
Actually, outcomes in coin tosses and different gamblers are independent. This means
that the number of heads in early tosses will have no impact on the chance of heads in
later tosses. In the gambling situation, the outcomes of repeated games are independent.
The gambler’s success or lack of success in early games has no influence or effect on the
chance of winning games in the future.
Sample Representativeness (or the Law of Small Numbers)
The Misconception:
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We’ll learn about the notion of independence in Topic P4 (Conditional Probability).