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What is law of large numbers?
Law of large numbers is an important concept in probability theory. This theory deals with performing the same experiment for a many times. Its logic behind this is, if these experiments are performed for so many times, the average of these results will be close to the exact value. Thus, there is a greater chance that we derive an exact result if more trials are performed. This law is applicable only when there is large number of observations. It assures a stable long term outcome in case of random events’ averages.
However there are several forms of this law. This includes weak law, strong law, Uniform law of large numbers, Borel’s law of large numbers etc. This study includes detailed description for all these forms as well as their differences. All proofs involving Chebyshev’s Inequality and proofs using convergence of characteristics functions have been explained minutely by our professionals of The Law of Large Numbers Homework Help.
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