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Tag: Law of Large Numbers

The Law of Large Numbers

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Law of Large Numbers (LLN) states that as the number of observations of an event increases, the observed probability approaches to the expected value.

Monte Carlo Simulation

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Monte Carlo simulation refers to a bewildering range of techniques to make estimations of some unknown parameters by repeatedly sampling the input data.

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  • Amos Tversky
  • Daniel Kahneman
  • cognitive bias
  • Milton Friedman
  • Wealth of Nations
  • Nobel Prize Laureate
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  • law of small numbers
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  • Law of Large Numbers
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  • daniel kahnemann
  • hyperinflation
  • the gambler's fallacy
  • gambler's fallacy
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