APFIVE The Gambler's Fallacy
After losing several consecutive hands of poker, Elena concludes she is “due for a win.” Believing that her past losses make a future win more probable, she significantly increases her bets. Elena’s reasoning is best explained by which of the following cognitive biases?
A
Gambler’s fallacy
B
Hindsight bias
C
Confirmation bias
D
Overconfidence bias
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