LESSON: Common Probability Misconceptions
| Site: | Mountain Heights Academy OER |
| Course: | Introductory Statistics Q4 |
| Book: | LESSON: Common Probability Misconceptions |
| Printed by: | Guest user |
| Date: | Saturday, 26 April 2025, 12:42 PM |
The Gambler's Fallacy
Probability is not an unfamiliar subject to most people. Many people are familiar with basic concepts of probability and feel comfortable estimating the likelihood or the chances of an event. However, there are many common mistakes that people make when dealing with concepts relating to probability. In this lesson book you will learn about a few of the common misconceptions people make regarding probability.First up is "The Gambler's Fallacy". This misconception relates back to the idea of independence. If you don't remember what independence means in terms of probability, it would be a great idea to go back a few weeks to the lesson on independent events before watching this video.
Unlikely Events
This misconception is based on the belief that some events are less likely than others.
Short-Run Regularity
Many people believe that experiments or trials conducted in the short-run explain behavior. However, this is not true! We know that probability events in the short-run are always random and sporadic. Probability events are only predictable in the long-run.