Iift 2010 Question 73
This is a detailed step-by-step solution for Iift 2010 Question 73. Understand the concept, common mistakes, and expert tips to solve similar questions in IIFT exam.
IIFT 2010
Explanation:
"Amos Tversky and Daniel Kahneman call this one the "law of small numbers.". The statistically valid "law of large numbers" states that large samples will usually be highly representative of the population from which they are drawn; for example, public opinion polls are fairly accurate because they draw on large and representative groups. The smaller the sample used, however (or the shorter the record), the more likely the findings are chance rather than meaningful. Yet the Tversky and Kahneman study showed that typical psychological or educational experimenters gamble their research theories on samples so small that the results have a very high probability of being chance." Statement I is what the author is talking about.
Hence, option B is the correct answer.