The correct answer is (c). Both outcomes are equally likely, given that the outcomes of coin flips are random events. Tversky and Kahneman (1974) argue that, due to the representativeness heuristic,...

The correct answer is (c). Both outcomes are equally likely, given that the outcomes of coin flips are random events. Tversky and Kahneman (1974) argue that, due to the representativeness heuristic, people expect a sequence of random events to “look” random. That is, they expect events to be representative of their conception of randomness. Many people, therefore, choose HTTHTH because this sequence is more representative of people’s idea of randomness than HHHTTT. In fact, the chance that either sequence will occur is 1 out of 2
⁶
times, or 1 in 64. As another illustration of this point, if you were to buy a lottery ticket with four numbers, would you rather have the number 6957 or 1111? Many people prefer the former number because it seems more “random” and thus more likely to be picked. In fact, both numbers have a 1 in 1,000 chance of being picked.