The main reason why people are vulnerable to the "gambler's fallacy" and other misperceptions about randomness is that a.the (adaptive) costs of understanding randomness outweigh the benefits b.understanding randomness was not an important adaptive problem in ancestral environments c.probability theory is just too difficult for humans to understand d.it isn't possible in principle for natural selection to design such a mechanism

It is very obvious that most of the people do not understand the theory of probability and hence they become a victim of gambling and other such games.The correct answer is option c, probability theory is just too difficult for humans to understand

Answered: The main reason why people are…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

The main reason why people are vulnerable to the "gambler's fallacy" and other misperceptions about randomness is that

	a.	the (adaptive) costs of understanding randomness outweigh the benefits
	b.	understanding randomness was not an important adaptive problem in ancestral environments
	c.	probability theory is just too difficult for humans to understand
	d.	it isn't possible in principle for natural selection to design such a mechanism