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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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.
ij] = O (1/n), it follows by applications of the law of large numbers that
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.
Because potential for measurement errors, omitted variables biases, and adjustment errors usually increase as properties become less similar, the choice of the number of comparable sales to use is a tradeoff between increasing dissimilarity leading to higher adjustment errors versus larger sample size which allows the law of large numbers to reduce random variation.
But the moment you become a "mature" company, the law of large numbers catches up with you.
People who are not students and therefore not required to spend a day's wage to purchase this book already understand the concept of risk and the law of large numbers and will continue working their way through life.
The law of large numbers states that it takes many steps to come up with one good idea.
An appeal to the law of large numbers to make banks stable, as is done by Diamond [4], Waldo [18], and Williamson [21], does not apply to loans in less developed countries because their economic activity is closely related to only a few primary sectors or commodities, and thus less diversified.
1 of insurance is the law of large numbers, and small group insurance violates this law.
The fact that there are very few extreme values, as well as the resemblance with the Gaussian distribution will lead to the conclusion that the resulted distribution will tend to agglomerate near its mean value (for a sufficiently long period of time the Law of Large Numbers (LLN) applies)--the phenomenon is graphically described in Fig.
The law of large numbers is the mathematical principle that says the more exposure units in the mix, the easier it becomes to predict a group's losses.