Counterpart to the gambler’s
fallacy, this fallacy occurs when someone predicts the outcome of a chance
event to be the same as the last event (unlike the gambler’s fallacy that
predicts the opposite outcome of the last event). People tend to believe that,
since inanimate objects are random, they shouldn’t show tendencies (being “hot”
to a particular color or number), so any streaks are based on the performance
of the person generating the results. Someone in a “losing streak” gives up
because they have gone cold, and vice versa.
Examples:
“I’m on a losing streak, so I
should quit while I’m a head.”
“Red is hot tonight! I know what
I’m betting on.”
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