Abstract
In some instances, such as in sports, individuals will cheer on the player with the "hot hand". But is the hot hand phenomenon a fallacy? The current research investigated (1) whether the hot hand fallacy (HHF) was related to risky decisions during a gambling scenario, and (2) whether metacognitive awareness might be related to optimal decisions. After measuring for baseline tendencies of using the hot hand heuristic, participants were presented with a series of prior card gambling results that included either winning streaks or losing streaks and asked to choose one of two cards: a good card or a bad card. In addition, we examined whether high metacognitive awareness-as measured by the ability to discriminate between correct and incorrect responses-would be negatively related to the risky decisions induced by the hot hand heuristic. The results showed that our predictions were partially supported. For winning streaks, individuals who had a weak tendency for using the heuristic exhibited fewer risky decisions with higher metacognitive awareness. However, those with a strong baseline tendency for using the hot hand showed no sign of decrease with metacognitive awareness. On the whole, the complex data suggest that further research on the HHF would be helpful for implementing novel ways of avoiding the fallacy, if needed.