The author must have smarter friends than me because I've definitely witnessed mine fall for this fallacy. I've even had them ague that's it's a good strategy a

The author must have smarter friends than me because I've definitely witnessed mine fall for this fallacy. I've even had them ague that's it's a good strategy away from the casino where there are no sunk costs. > They key difference here is between people rationally knowing that those odds are independent, and them being able to bridge that to their irrational belief that they're special, or lucky, or that they're "owed" luck. I think in part it's just greed as well, they think they can have that money that all those unlucky people have lost. This greed then gets rationalized as luck/skill/smarts in a way that's not dissimilar to how people rationalize joining pyramid schemes.