DOI: 10.5176/2251-1865_CBP19.77
Authors: Ngai Chun Hau
Abstract: In a multiple-choice test, there is a constant fear of getting the same answer three times in a row. Sometimes, we are even willing to alter our erstwhile correct answer to a wrong answer, simply because of the discomfort of seeing a repeating set of answers. The purpose of this experiment is to study how the trend of decisions lowers ones’ cognitive ability on the next decision in a classroom setting. This experiment used standardized multiple-choice tests on undergraduates to evaluate the tendency of inferring to previous results. We observed possible occurrences of committing gambler’s fallacy.
Keywords: behavioral economic; rationality; behavioral psychology; gambler’s fallacy; decision making
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