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Meaning of law of averages

Source language: EnglishDictionary language: English

law of averages

noun

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.

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