Gamblers Axiom

The Gambler's Axiom is a form a bias in decision making of individuals that are predisposed to taking risk, a behavior that is contrary to the behavior of the general population.
A crucial problem in decision (game) theory is the standards of behavior which determine the process of decision-making. Recent research has indicated that the attitude to risk is an important argument for finding unique solutions for decision problems. For example, the Nash equilibrium theorem is predicated on the the concept of rational thought process wherein all the players are following rational behavior.
However, in the Gambler's Axiom the the player, or gambler has a proclivity to take higher risks in the hopes of achieving higher rewards.
One of the most simple examples of the Gamblers Axiom is the simple act of buying a lottery ticket. The odds may be 1/1 million but individuals will take these odds.
Evidence of the Gambler's Axiom bias is present in the common usage of the term "Gambler" in reference to one that takes risks. To that degree of bias there are organizations such as Gamblers Anonymous
See Also
Gamblers Fallacy

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