The law of averages is a lay term 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 bias in the underlying probability distribution, which is frequently at odds with the empirical evidence.
Read more about Law Of Averages: Examples
Famous quotes containing the words law of and/or law:
“The law of the Lord is perfect, converting the soul: the testimony
of the Lord is sure, making wise the simple.”
—Bible: Hebrew Psalm XIX (l. XIX, 7)
“In our day the conventional element in literature is elaborately disguised by a law of copyright pretending that every work of art is an invention distinctive enough to be patented.”
—Northrop Frye (b. 1912)