Definition of

Law of Large Numbers

Law of Large Numbers
When we do an experiment a large number of times the average result will be very close to the expected result.

In other words: in the long run random events tend to average out at the expected value.

Example: Flipping a coin

• If we flip it just 10 times we would not be surprised to get 7 heads (even though we expect 5).

• But if we flip it 10,000 times we are very unlikely to get 7,000 heads. The result will likely be within a few percent of 5,000.

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