LAW OF AVERAGES

Law of average is the term used to describe certain results obtained at any given event.  It is considered as a valid common sense observation depending on the context of the application.  Law of average lead to fallacious thinking especially when one thinks that are some results that are expected. One of the main application of the law average is gambler’s fallacy where the gambler believes that a particular outcome is likely to happen.   Law of average can also be applied in the belief that the sample’s behavior must line with the expected value based on the population statistics.  The flipping of a coin is a good example. Where one might expect after flipping a coin for a hundred times that the first outcome will be tail or head.  Law of average is normally based on the law of large numbers which is referred as real law. 

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