Allais paradox The Allais paradox conclusively shows that when people are pressed for answers in quick time spans, they often give inconsistent answers. But that does not necessarily mean they have inconsistent preferences. Recency bias Recency bias is the phenomenon of a person most easily remembering something that has happened recently, compared to remembering something that may have occurred a while back. Gambler's fallacy The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the mistaken belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future (or vice versa)