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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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However, the researchers found that people with high levels of interest in a topic rely more on the Law of Large Numbers, assessing both consensus and the size of a poll.
For the first question, 81 of the 108 participants (75%) correctly answered that all choices were equally likely while only 15 participants (13.9%) correctly answered that three tails in five flips is more likely than 3000 tails in 5000 flips for question three (Q3) concerning the law of large numbers.
Notions of the law of large numbers (e.g., the importance of repeated trials or larger sample size) have been shown to exist in children as early as 7 years old (although at a rudimentary level) and most children by the age of 12 are able to recognize the importance of sample size in statistical tasks (Piaget & Inhelder, 1951/1975; Nisbett, Krantz, Jepson, & Kunda, 1983).
The law of large numbers makes it a certainty that a very small handful of the college's 800 plus employees will be involved in local politics of all shades of opinions.
There is also the law of large numbers to think about.
In this case, and in most valuations, the number of comparable sales is too small for the law of large numbers to operate, so the variability estimate would not be reliable and could change if additional sales were added to the list of comparables.
This mathematical theory is known as the law of large numbers. As the children actively explore probability, they develop skills that will help them become better decision makers.
Crants allows that the law of large numbers will eventually catch up, but says CCA can continue to grow.
This is what statisticians call "The Law of Large Numbers": the bigger the group, the smaller the risk (unless, of course, the group is selected on the basis of some risk factor, such as being residents of a leper colony).
Probability risk, "the organizational effort to manage the Law of Large Numbers," reflects the simple fact that unpredictable events in health care happen more predictably as the population base under consideration grows larger.

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