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Gambler's fallacy
"Punters will find that certain one-armed bandits in a casino appear to pay more on average than others, but an intelligent player should also try machines that have so far paid less, in case they are hiding a jackpot, Kocsis said."

Kocsis should retake his statistics and logic classes.

What we have here is what's called the "gambler's fallacy." When you flip a coin, or roll a dice, or any other totally random action, the odds of the next action are never based on the previous action. Just because the previous outcome has been favorable or unfavorable doesn't mean the next outcome is more or less likely.

The truth is, there are no "two sorts of machines." Every machine is the same.

If you flip a coin and it comes up heads ten times, the chances are still 50% that you will get heads on the next flip.

In Go, this may be different, as it's a strategy game and not a chance game, so the algorithm may actually work in Go. But it definitely won't work against the slots.

He should've picked a better illustration.
Posted by: CobraA1   Posted on: 02/21/07 You are currently: a Guest | Members login | Terms of Use

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Gambler's fallacy  CobraA1 | 02/21/07
Actually . . .  jlongino@... | 02/22/07

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