Introduction In our pursuit of making rational decisions, we often overlook the role that randomness plays in shaping our choices. Randomness refers to the unpredictable nature of events or outcomes that lack any discernible pattern or order. While we strive to find meaning and structure in the world around us, randomness challenges our perceptions and […]
Introduction In the realm of decision-making, humans are susceptible to various cognitive biases that can lead to erroneous judgments. One such pervasive mental model is the Gambler’s Fallacy. It refers to the mistaken belief that past events in games of chance, such as gambling or random events, influence future outcomes. Anchored in human psychology, the […]