law of large numbers


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law of large numbers

law of large numbers

n
(Statistics) the fundamental statistical result that the average of a sequence of n identically distributed independent random variables tends to their common mean as n tends to infinity, whence the frequency of the occurrence of an event in n independent repetitions of an experiment tends to its probability

law′ of large′ num′bers


n.
the theorem in probability theory that the number of successes increases as the number of experiments increases and approximates the probability times the number of experiments for a large number of experiments.
[1935–40]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.law of large numbers - (statistics) law stating that a large number of items taken at random from a population will (on the average) have the population statistics
law of nature, law - a generalization that describes recurring facts or events in nature; "the laws of thermodynamics"
statistics - a branch of applied mathematics concerned with the collection and interpretation of quantitative data and the use of probability theory to estimate population parameters
References in periodicals archive ?
In this chapter, titled "The Large Novel and the Law of Large Numbers: Daniel Deronda and the Counterintuitive," he addresses the evolving public understanding of statistics in the nineteenth century, and how this understanding entailed a re-thinking of the integration of the individual and the social, and of the relation of the one to the many, as reflected in George Eliot's Daniel Deronda.
While insurance is based on the law of large numbers, ethical claim handling requires that each insured, exposure and claim be handled individually by the adjuster.
"Democracy can work even with a morbidly ignorant electorate because of the miracle of aggregation or law of large numbers" (Bryan Caplan)
Law of Large Numbers indicates that the limit of the frequency tends to probability; thus the choice habits of A and B can be represented as the probability distribution of random variables X and Y:
The new album was predicated in part by trying experiences she'd faced in her personal life in the five years since her last LP, The Law of Large Numbers.
The law of large numbers tells us there's a good probability that some of this year's graduates will become tomorrow's leaders.
To answer the second question, we need to call upon a topic you probably last heard about in Insurance 101: the law of large numbers. It applies to deductibles just as it does to all other insurance probabilities.
The law of large numbers provides well-run insurance companies with stable, long-term results on the average outcome of individually random events.
To have risk distribution, the number of independent risks being insured in a pool must be large enough for the law of large numbers to operate.
One gambler may hit the jackpot, causing the house to lose in the short-term, but as more gamblers play and more time passes, the averages and the economic "law of large numbers" eventually take over and the casino makes money A system in which the time-tested averages assure a gain for the house is obviously rigged against gamblers as a group, although individually each has a chance of coming out ahead.
Successful selling is based on the law of large numbers. Your goal is to get a certain reply as often as possible.
Brazilian mathematician Renalto Gianella has come up with a theory based on patterns as predicted by the Law of Large Numbers.