Tyranny of Averages: Standard Deviation, Probability Theory, Law of Large Numbers, Sample Mean and Sample Covariance, Gambler's Fallacy, Convergence of Random Variables, Ergodic Theory - Couverture souple

 
9786130335199: Tyranny of Averages: Standard Deviation, Probability Theory, Law of Large Numbers, Sample Mean and Sample Covariance, Gambler's Fallacy, Convergence of Random Variables, Ergodic Theory

Synopsis

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The tyranny of averages is a phrase used to describe the often overlooked fact that the mean does not provide any information about the distribution of a data set or skewness, and that decisions or analysis based on this value—as opposed to median and standard deviation—may be faulty. This “tyranny of averages†to which the report refers tends to mask the stark contrast between the Asia-Pacific LDCs'' sluggish economies and the success of their far more populous neighbours.

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