The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Law(s) of Large Numbers

  • Werner Ploberger
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2672

Abstract

It is a well-known fact that averages of most random variables converge. The laws of large numbers are mathematical theorems which explain this phenomenon. We discuss the various forms of this theorem. Generalizations to dependent variables (ergodic ths) are introduced. We also mention uniform laws of large numbers, which are quite indispensable tools to prove consistency of estimators.

Keywords

Bernoulli experiments Bernoulli, J. Ergodic theorems Law of large numbers Maximum likelihood Poisson, S. D. Probability Strong law of large numbers Variance Weak law of large numbers 

JEL Classifications

C10 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Werner Ploberger
    • 1
  1. 1.