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1. (n.) law of averages
a statistical principle formulated by Jakob Bernoulli to show a more or less predictable ratio between the number of random trials of an event and the outcomes that result.
2. law of averages
the principle that, in the long run, probability as naively conceived will operate and influence any one occurrence.
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| Definition of 'law of averages' |
Princeton's WordNet |
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1. (noun) law of averages
a law affirming that in the long run probabilities will determine performance
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Definitions of law of averages 
