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Law of averages
- Created 2012-02-26
law of averages
used to express a belief that outcomes of a random event will "even out" within a small sample.
As invoked in everyday life, the "law" usually reflects bad statistics or wishful thinking rather than any mathematical principle. While there is a
real theorem that a random variable will reflect its underlying probability over a very large sample
, the law of averages typically assumes that unnatural short-term "balance" must occur. Typical applications of the law also generally assume no
in the underlying probability distribution, which is frequently at odds with the
from Wikipedia (last updated: 05 December), licensed under
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Law of large numbers
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