Gambler's fallacy — The tendency to think that future probabilities are altered by past events, when in reality they are unchanged. The fallacy arises from an erroneous conceptualization of the law of large numbers.

Often we are faced with situations where our intuition misguides us. Cognitive biases are systematic patterns of deviation from norm or rationality in judgment. Many of these biases affect belief formation, business and economic decisions, and human behavior in general.