What is an example of the gambler's fallacy — The statement: "I've flipped heads with this coin five times consecutively, so the chance of tails coming out on the sixth flip is much greater than heads."

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.