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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Yang, "Strong law of large numbers for Markov chains indexed by an infinite tree with uniformly bounded degree," Science in China A, vol.
Sung, "On the strong law of large numbers for pairwise i.i.d.
Media visuals seem to be a potential intersection of vividness, as defined by Nisbett and Ross (1980), and the Law of Large Numbers, as defined by Baesler and Burgoon (1994).
The Law of Large Numbers states that the larger the number of units in a mix, the less predictable the outcome of an event will be.
It is this Law of Large Numbers that generates the classical world of appearance, as zillions are invariably involved.
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.
In other words, this particular study did not allow students to use or experience the "law of large numbers," the idea that as the number of experiments increases the expected values estimated from the game approaches the true or theoretical values.
Roosevelt's government understood security in abstract actuarial terms involving probability and the law of large numbers; it called the program meant to compensate for economic and other ineluctable disruptions (accident, illness, death) Social Security.
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.
The "law of large numbers," a basic statistical rule, tells us that as sample size increases (that is, the number of comparables that are combined to derive a final value estimate), then random error will be averaged away.