Which probabilityassessment heuristic is at work in fallacy


Problem

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 probabilityassessment heuristic is at work in the gambler's fallacy? Explain.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Econometrics: Which probabilityassessment heuristic is at work in fallacy
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