From Science Daily:
ScienceDaily (Aug. 31, 2010) — Gamblers who think they have a "hot hand," only to end up walking away with a loss, may nonetheless be making "rational" decisions, according to new research from University of Minnesota psychologists. The study finds that because humans are making decisions based on how we think the world works, if erroneous beliefs are held, it can result in behavior that looks distinctly irrational.
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My Comment: I guess saying 'the Devil made me do it' is not going to fly.