In the 1990s, researchers Clotfelter, Cook, and Terrel analyzed data from a part
ID: 1128559 • Letter: I
Question
In the 1990s, researchers Clotfelter, Cook, and Terrel analyzed data from a particular game that was offered in both the Maryland and New Jersey state lotteries. In the game, participants place a bet and then guess a three-digit number. After all bets have been placed, a three-digit number is randomly drawn by state lottery representatives. If a bettor correctly guesses the number drawn, he or she wins a large prize. Consistent with the ________ fallacy, the researchers found clear evidence that lottery players bet less often on a number that had won in the recent past.
A. hot-hand
B. gambler’s
C. casino’s
D. genetic
E. naturalistic
Explanation / Answer
B. gambler’s
Explanation: Gambler's fallacy is a false belief that if an event occurred more frequently in the past, it is likely to happen less frequently in the future. This false logic is often used by gamblers in a lottery.