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.
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Ploberger, W. (2018). Law(s) of Large Numbers. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2672
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2672
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Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
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