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law of large numbers |
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law of large numbers [′lȯ əv ¦lärj ′nəm·bərz] (statistics) The law that if, in a collection of independent identical experiments,N(B) represents the number of occurrences of an eventBinntrials, andpis the probability thatBoccurs at any given trial, then for large enoughnit is unlikely thatN(B)/ndiffers frompby very much. Also known as Bernoulli theorem. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The basic concept of insurance is to spread the risk by using the laws of large numbers so that when a catastrophe occurs, funds are available from the premiums paid in. |
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