October 2015
Beginner to intermediate
300 pages
7h 19m
English
This chapter focuses on an idea that is always bouncing around our minds, but is rarely made explicit outside books devoted to statistics. In fact, we’ve been using this simple idea in every example thus far.
Let Zi be N independent samples from some probability distribution. According to the Law of Large Numbers, so long as the expected value E[Z] is not infinity, the following holds:

In words:
The average of a set of random variables from the same distribution converges to the expected value of that distribution.
This may seem like a boring result, but it will ...