Meaning of law of averages | Babel Free

Definitions

1. The statistical tendency toward a fixed proportion in the results when an experiment is repeated a large number of times; the law of large numbers.
2. An imaginary or perceived "law" of probabilities which is wrongly used to predict results in the short-term.
   informal

Examples

“... as they will not have sufficient distribution of risk to permit the law of averages to play its part and a severe total loss may ...”

“Second Law - The Law of Averages. Whenever something (such as throwing a die) can have more than one result, if all the possible results have an equal chance ...”

“It is upon the ideas of 'repeated experimentation' and the law of averages that many of our notions of chance are founded.”

“This coin has landed on heads ten times, so by the law of averages it must land on tails next time.”

“In the nature of things a good many somebodies are always in hospital, and the law of averages had picked on me to be one of them a week or so before. It might just as easily have been the week before that - in which case I'd not be writing now: I'd not be here at all.”

CEFR level