The Law of Small Numbers
In 1971 two psychologists wrote a paper titled “Belief in the Law of Small Numbers”. Their thesis is that individuals (both trained scientists and laypeople) consider a sample (a set of data) drawn from a population to be more representative of the population than they should, especially when the sample is small. In other words, when dealing with small data sets, we will erroneously assume that our “mean” value is very representative of the population mean. ...