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The Law of Large Numbers is an actual math theorem. The Law of Averages is a non-technical name for various informal reasoning strategies, some fallacious (like
by jacobion 6y ago
The Law of Large Numbers is an actual math theorem. The Law of Averages is a non-technical name for various informal reasoning strategies, some fallacious (like the gamblers fallacy), but mostly just types of estimation that are justified by more formal probability theory.
- pfdietz 6y agoMore generally, see "concentration of measure". https://en.wikipedia.org/wiki/Concentration_of_measure https://en.wikipedia.org/wiki/Concentration_of_measure