law of large numbers


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law of large numbers

n.
The rule or theorem that a large number of items chosen at random from a population will, on the average, have the characteristics of the population. Also called Bernoulli's law.
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There were four participants who correctly answered the law of large numbers question (Q3) and missed the birth order question (Q1).
Prediction and the partial understanding of the law of large numbers.
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.
Presumably, the latter problem may be solved by the law of large numbers if the club were big enough.
Similarly, in chapter 1, the discussion of the law of large numbers is potentially misleading for students new to probability concepts.
Insurance companies, particularly the Blue Cross/Blue Shield organizations, were still in a monopoly position and, because of the law of large numbers, were able to share the risk even for individual insurance policies.
The law of large numbers plays an important role in establishing what kind of business a carrier pursues today and tomorrow.
Probability and the law of large numbers is handled (not very well) in one page.
With reinsurance, there is a case for mega-reinsurers," he said in the interview, explaining that it was "indisputable with very, very large risks, the law of large numbers applies.
Section I attempts to correct this problem by discussing the implications of the law of large numbers and central limit theorem for insurance risk pooling and by analyzing some of the more persistent insurer's risk fallacies.
He said, "The annual growth rate of China's online game industry was between 60 percent and 70 percent several years ago, however, the Law of Large Numbers has manifested itself in the market, and the market's growth rate will drop to between 20 percent and 30 percent.