"Except under controlled conditions, or in circumstances where it is possible to ignore individuals and consider only large numbers and the law of averages, any kind of accurate foresight is impossible." (Aldous Huxley, "Time Must Have a Stop", 1944)
"A misunderstanding of Bernoulli’s theorem is responsible for one of the commonest fallacies in the estimation of probabilities, the fallacy of the maturity of chances. When a coin has come down heads twice in succession, gamblers sometimes say that it is more likely to come down tails next time because ‘by the law of averages’ (whatever that may mean) the proportion of tails must be brought right some time." (William Kneale, "Probability and Induction", 1949)
"Only when there is a substantial number of trials involved is the law of averages a useful description or prediction." (Darell Huff, "How to Lie with Statistics", 1954)
"The equanimity of your average tosser of coins depends upon a law, or rather a tendency, or let us say a probability, or at any rate a mathematically calculable chance, which ensures that he will not upset himself by losing too much nor upset his opponent by winning too often." (Tom Stoppard, "Rosencrantz and Guildenstern Are Dead", 1967)
"This faulty intuition as well as many modern applications of
probability theory are under the strong influence of traditional misconceptions
concerning the meaning of the law of large numbers and of a popular mystique
concerning a so-called law of averages." (William Feller, "An Introduction to
Probability Theory and Its Applications", 1968)
"I take the view that life is a nonspiritual, almost mathematical property that can emerge from networklike arrangements of matter. It is sort of like the laws of probability; if you get enough components together, the system will behave like this, because the law of averages dictates so. Life results when anything is organized according to laws only now being uncovered; it follows rules as strict as those that light obeys." (Kevin Kelly, "Out of Control: The New Biology of Machines, Social Systems and the Economic World", 1995)
"The slightly chaotic character of mind goes even deeper, to a degree our egos may find uncomfortable. It is very likely that intelligence, at bottom, is a probabilistic or statistical phenomenon — on par with the law of averages. The distributed mass of ricocheting impulses which form the foundation of intelligence forbid deterministic results for a given starting point. Instead of repeatable results, outcomes are merely probabilistic. Arriving at a particular thought, then, entails a bit of luck." (Kevin Kelly, "Out of Control: The New Biology of Machines, Social Systems and the Economic World", 1995)
"Losing streaks and winning streaks occur frequently in games of chance, as they do in real life. Gamblers respond to these events in asymmetric fashion: they appeal to the law of averages to bring losing streaks to a speedy end. And they appeal to that same law of averages to suspend itself so that winning streaks will go on and on. The law of averages hears neither appeal. The last sequence of throws of the dice conveys absolutely no information about what the next throw will bring. Cards, coins, dice, and roulette wheels have no memory." (Peter L Bernstein, "Against the Gods: The Remarkable Story of Risk", 1996)
"However, random walk theory also tells us that the chance that the balance never returns to zero - that is, that H stays in the lead for ever - is 0. This is the sense in which the 'law of averages' is true. If you wait long enough, then almost surely the numbers of heads and tails will even out. But this fact carries no implications about improving your chances of winning, if you're betting on whether H or T turns up. The probabilities are unchanged, and you don't know how long the 'long run' is going to be. Usually it is very long indeed." (Ian Stewart, The Magical Maze: Seeing the world through mathematical eyes", 1997)
"The basis of many misconceptions about probability is a belief in something usually referred to as 'the law of averages', which alleges that any unevenness in random events gets ironed out in the long run. For example, if a tossed coin keeps coming up heads, then it is widely believed that at some stage there will be a predominance of tails to balance things out." (Ian Stewart, The Magical Maze: Seeing the world through mathematical eyes", 1997)
"The 'law of averages' asserts itself not by removing imbalances, but by swamping them. Random walk theory tells us that if you wait long enough - on average, infinitely long - then eventually the numbers will balance out. If you stop at that very instant, then you may imagine that your intuition about a 'law of averages' is justified. But you're cheating: you stopped when you got the answer you wanted. Random walk theory also tells us that if you carry on for long enough, you will reach a situation where the number of H's is a billion more than the number of T's." (Ian Stewart, The Magical Maze: Seeing the world through mathematical eyes", 1997)
"People sometimes appeal to the 'law of averages' to justify their faith in the gambler’s fallacy. They may reason that, since all outcomes are equally likely, in the long run they will come out roughly equal in frequency. However, the next throw is very much in the short run and the coin, die or roulette wheel has no memory of what went before.
"Another kind of error possibly related to the use of the representativeness heuristic is the gambler’s fallacy, otherwise known as the law of averages. If you are playing roulette and the last four spins of the wheel have led to the ball’s landing on black, you may think that the next ball is more likely than otherwise to land on red. This cannot be. The roulette wheel has no memory. The chance of black is just what it always is. The reason people tend to think otherwise may be that they expect the sequence of events to be representative of random sequences, and the typical random sequence at roulette does not have five blacks in a row." (Jonathan Baron, "Thinking and Deciding" 4th Ed, 2008)
"The 'law of averages' asserts that an event is more likely if it has not occurred for a long time. Perhaps belief in this bit of folk wisdom is based on confusion of different types of experiments." (Glenn Ledder, "Mathematics for the Life Sciences: Calculus, Modeling, Probability, and Dynamical Systems", 2013)
"A very different - and very incorrect - argument is that successes must be balanced by failures (and failures by successes) so that things average out. Every coin flip that lands heads makes tails more likely. Every red at roulette makes black more likely. […] These beliefs are all incorrect. Good luck will certainly not continue indefinitely, but do not assume that good luck makes bad luck more likely, or vice versa."
"[…] many gamblers believe in the fallacious law of averages because they are eager to find a profitable pattern in the chaos created by random chance."
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