What is the 'Law of Small Numbers'?

What is the 'Law of Small Numbers'?

Approach: Describe the cognitive bias where people believe small samples represent the whole population.

A cognitive bias where one overestimates how well a small sample represents the overall population, leading to an over-reliance on anecdotal evidence.

Follow-up: How does this relate to the 'Gambler's Fallacy'?

Key concepts: sampling error, representativeness heuristic.