Gambler's conceit is the fallacy described by behavioral economist David J. Ewing where a gambler believes they will be able to stop a risky behavior while still engaging in it.
The gambler's conceit frequently works in conjunction with the
gambler's fallacy
The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the belief that, if an event (whose occurrences are Independent and identically distributed random variables, independent and identically dis ...
, the mistaken idea that a losing streak in a game of chance, such as roulette, has to come to an end or is lowered because the frequency of one event has an effect on a following independent event.
See also
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Behavioral economics
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economi ...
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Inverse gambler's fallacy
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Online gambling
Online gambling (also known as iGaming or iGambling) is any kind of gambling conducted on the internet. This includes virtual poker, casinos, and sports betting. The first online gambling venue opened to the general public was ticketing for th ...
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Short (finance)
In finance, being short in an asset means investing in such a way that the investor will profit if the market value of the asset falls. This is the opposite of the more common Long (finance), long Position (finance), position, where the inves ...
References
{{Superstitions
Gambling terminology
Behavioral economics
Luck
Causal fallacies