The law of small numbers

One in a billion, originally uploaded by Micah Sittig.

“People’s intuitions about random sampling appear to satisfy the law of small numbers, which asserts that the law of large numbers applies to small numbers as well.”

From “Belief in the Law of Small Numbers,” an article by Daniel Kahneman and Amos Tversky, quoted in Priceless: The Myth of Fair Value (and How to Take Advantage of It).