Gambler’s Dilemma
by From Volume 6, Issue 3:We hear it in baseball broadcast booths all summer long: “He’s a .333 hitter. He’s gone oh for two. He’s due.” But is this accurate? Should you bet on this? Or are you just wishing for an outcome that has no basis in the data, and setting yourself up to lose? The gambler’s dilemma can teach us a lot about all our interactions.