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Definition of Law of averages
1. Noun. A law affirming that in the long run probabilities will determine performance.
Definition of Law of averages
1. Noun. (statistics) 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. ¹
2. Noun. (informal) An imaginary or perceived "law" of probabilities which is wrongly used to predict results in the short-term. ¹
¹ Source: wiktionary.com
Lexicographical Neighbors of Law Of Averages
Literary usage of Law of averages
Below you will find example usage of this term as found in modern and/or classical literature:
1. Marine Insurance: Its Principles and Practice by William David Winter (1919)
"... 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 furnish a pointed ..."
2. Principles Governing the Retirement of Public Employees by Lewis Meriam (1918)
"SCOPE FOR law of averages REQUIRED To permit of the maintenance of a fund on the
... sar> large to give full scope to the operation of the law of averages. ..."
3. Marine Insurance: Its Principles and Practice by William D. Winter (1919)
"... risk to permit the law of averages to play its part and a sev total loss may
furnish a pointed object lesson of the folly of •• insurance under ordinary ..."
4. Choosing Employees by Mental and Physical Tests by William Fretz Kemble (1917)
"CHAPTER V THE THREE LAWS OF LABOR STANDARDIZATION THE law of averages. THE LAW
OF EXTREMES. THE LAW OF HUMAN ACTION. /T*HE preceding chapter has been ..."
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