The Gambler’s Fallacy and the Hot Hand: Empirical Data from Casinos

B-Tier
Journal: Journal of Risk and Uncertainty
Year: 2005
Volume: 30
Issue: 3
Pages: 195-209

Authors (2)

Rachel Croson (University of Minnesota) James Sundali (not in RePEc)

Score contribution per author:

1.009 = (α=2.02 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Research on decision making under uncertainty demonstrates that intuitive ideas of randomness depart systematically from the laws of chance. Two such departures involving random sequences of events have been documented in the laboratory, the gambler’s fallacy and the hot hand. This study presents results from the field, using videotapes of patrons gambling in a casino, to examine the existence and extent of these biases in naturalistic settings. We find small but significant biases in our population, consistent with those observed in the lab. Copyright Springer Science + Business Media, Inc. 2005

Technical Details

RePEc Handle
repec:kap:jrisku:v:30:y:2005:i:3:p:195-209
Journal Field
Theory
Author Count
2
Added to Database
2026-01-25