Fifi and Mimi Are Playing a Coin-Flipping Game

Multiple Choice

Fifi and Mimi are playing a coin-flipping game. Whenever the coin lands on heads, Fifi wins $1. If tails are flipped, Mimi wins $1. For the first 20 flips, the coin has landed on heads. "Time to switch," Fifi says, believing that tails are due to win. "You have heads, and I'll take tails." After switching, the coin, once again, lands on heads. In this example, Fifi has fallen victim to _____________.

A) The illusory superiority effect
B) Optimism bias
C) The gambler's fallacy
D) The sunk cost effect
E) The representativeness heuristic