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What's Luck Got to Do with It?: The History, Mathematics, and Psychology Behind the Gambler's Illusion
by Joseph Mazur
Why do so many gamblers risk it all when they know the odds of winning are against them? Why do they believe dice are "hot" in a winning streak? Why do we expect heads on a coin toss after several flips have turned up tails? "What's Luck Got to Do with It?" takes a lively and eye-opening look at the mathematics, history, and psychology of gambling to reveal the most widely ...more
Hardcover, 277 pages
Published June 3rd 2010 by Princeton University Press
(first published May 17th 2010)
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The mathematics behind most casino games and lotteries can be understood by everyone except the most mathematically naive. No matter how you approach it, the answer to all games is the same, "the player will always lose in the long run." Nevertheless, human psychology frequently gets in the way and this fact is replaced by some version of the "gambler's fallacy." Reduced to the lowest terms, it simply means that the long run is not now; the player believes that they "have the luck" and that they ...more