Which fallacy suggests that previous outcomes affect the probabilities of future events in random scenarios?

The gambler's fallacy refers to the incorrect belief that past random events influence the probabilities of future random events. This fallacy often emerges in contexts such as gambling, where individuals might assume that if a coin has landed on heads several times in a row, it is "due" to land on tails next. They mistakenly believe that the outcomes of previous individual events affect the likelihood of upcoming outcomes, despite the fact that each event is independent in a truly random scenario.

Understanding the gambler's fallacy is crucial for recognizing how cognitive biases can distort reasoning in situations involving chance. This fallacy illustrates a common misconception about probability, specifically the misunderstanding of independence in random processes. It teaches individuals to be cautious not to let past results cloud their judgments about future probabilities in random situations.