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Describe the Gambler's Fallacy from our readings, and illustrate the concept using an example from the real world where a person or organization might suffer as a result of the fallacy. How would you use an explanation of the fallacy to explain to someone why they were making a mistake in their reasoning. In your responses to others, comment on whether the explanation they've offered is adequate for addressing the problem.

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Answer:

The gambler's fallacy is erreonous belief in random sequence of events

Explanation:

Gamblers fallacy occurs when one believes that since a particular event has occurred subsequently for a number of times an opposite event or alternate one must occur after.

Example: if a coin is flipped and the head occurs 4 times Martin may wrongly believe that since the head has occurred four times subsequently, the tail must be next to occur

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