law of large numbers


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Law of large numbers

The mean of a random sample approaches the mean (expected value) of the population as sample size increases.

Law of Large Numbers

A mathematical theory that states that the statistical likelihood of a sample having a certain value approaches the statistical likelihood of the whole universe of samples as the sample becomes larger. For example, this is the reason political polls tend to be more accurate the larger they are. This is also called Bernoulli's Law.

law of large numbers

the law that states that large groups tend to behave more uniformly than a single individual. For example, an individual consumer might buy more of a product the price of which has risen, whereas most consumers would buy less. See DEMAND CURVE.
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The magnitude of this resulting expression can be shown to be small almost surely compared with [parallel][delta][beta][parallel] when n is large enough using the law of large numbers and consistency as before.
Of the 83 participants who gave written responses to the law of large numbers question, 23 (27.
In other words, notions of the law of large numbers may have had an influence on students' conclusions.
As the variance of such distributions increases, there is more need for the law of large numbers, that is, for using more comparable sales to average away the random variation found in individual prices.
In recent months, I've addressed stock growth at conferences around the country and have begun pointing out that the law of large numbers is a law that cannot be broken.
In effect, financial intermediaries are unable to commit to fixed interest payments on deposits, as the effects of an external shock have offset those of the law of large numbers.
In order to have a situation which to be fitted for the Central Limit Theorem, as well as for the Law of Large Numbers, we have to consider a sufficiently large number of observations.
The Law of Large Numbers may call for a balance, but it doesn't say exactly how that balance comes about.
The law of large numbers says it gets tougher to grow the 1,000-pound gorilla.
Kane discuss how the law of large numbers applies to the strength of insurance.
This investment specialist thinks not, and says the Law of Large Numbers is what makes the technique look successful.