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Question: After observing a long run of red on a roulette wheel, many gamblers believe that black is bound to occur. Such a belief often is called the gambler's fallacy because the roulette wheel has no memory. Which probability assessment heuristic is at work in the gambler's fallacy (GF)? Explain.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92332873

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