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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If more people in an image means subjects were more sympathetic or even swayed by the cause represented in that image, then such a finding would provide further support for the Law of Large Numbers in terms of images.
Here these correspond to law of large numbers rates for which a scale of O ([n.
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.
Keeping distributions in mind directs appraisers towards more valid and precise methods and use of the law of large numbers to reduce random variation in estimates.
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.
He invokes the strong law of large numbers to identity chances with long-run frequencies: according to Mellor, the degree of belief warranted by the circumstances currently prevailing is equal to p if there is reason to believe that were the agent to bet often enough at that betting-quotient they would eventually break even.
This factor presents an exception to the law of large numbers argument used above, because it is not possible for an intermediary to diversify away this risk.
1 of insurance is the law of large numbers, and small group insurance violates this law.
Life expectancy is based on the law of large numbers and can't be brought down to the individual level.
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.