Is there a LAW of averages?
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.
Is law of averages true?
The law of averages is often mistaken by many people as the law of large numbers, but there is a big difference. The law of averages is a spurious belief that any deviation in expected probability will have to average out in a small sample of consecutive experiments, but this is not necessarily true.
Here is a quick video that discusses the law:
Dupree Law 