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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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They happen frequently, and independently of each other, so the law of large numbers comes into play, and the insurer can reliably predict annual losses and set a premium that will cover them. If the law of large numbers exists and the primary concern of underwriting is profitability, underwriting should be conducted as a scientific discipline. Markov (1856-1922) extended the application area of the law of large numbers and of the central limiting theorem to dependent experiments and laid the groundwork for the theory of stochastic processes, etc. |
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