Capitalisn’t: Raghuram Rajan’s Vision of an Indian Path to Development
Chicago Booth’s Raghuram G. Rajan explains why India’s strengths play to services-based development.
Capitalisn’t: Raghuram Rajan’s Vision of an Indian Path to DevelopmentThe gambler’s fallacy could lead umpires to make the wrong call.
How likely is it for a baseball umpire to call three strikes in a row? As it turns out, the umpire himself may believe that such a streak is unlikely to happen, which could lead him to make the wrong call, according to research by Daniel Chen of ETH Zurich and Chicago Booth’s Tobias J. Moskowitz and Kelly Shue. Umpires may suffer from the “gambler’s fallacy,” or the mistaken belief that a fair outcome implies alternation between balls and strikes, even though consecutive balls or strikes often occur just by chance. After two strikes, the umpire could be wondering if the next pitch will likely be a ball rather than another strike, and indeed call it that way.
Daniel Chen, Tobias J. Moskowitz, and Kelly Shue, “Decision-Making under the Gambler’s Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires,” Fama-Miller working paper, March 2015.
Chicago Booth’s Raghuram G. Rajan explains why India’s strengths play to services-based development.
Capitalisn’t: Raghuram Rajan’s Vision of an Indian Path to DevelopmentIs inefficiency inherent in the matching of students and colleges?
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Will Twitter’s Size Protect It from Defections?Your Privacy
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