43 books
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82 voters
Statistics
Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data.
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This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new economic history." A man does what he can, and in the more elegant - one is tempted to say "fancier" - techniques I am, as one who received his formation in the 1930s, untutored. A colleague has offered to provide a mathematical model to decorate the work. It might be useful to some readers, but not to me. Catastrophe mathematics, dealin
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― Manias, Panics, and Crashes: A History of Financial Crises
― Manias, Panics, and Crashes: A History of Financial Crises
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Another mistaken notion connected with the law of large numbers is the idea that an event is more or less likely to occur because it has or has not happened recently. The idea that the odds of an event with a fixed probability increase or decrease depending on recent occurrences of the event is called the gambler's fallacy. For example, if Kerrich landed, say, 44 heads in the first 100 tosses, the coin would not develop a bias towards the tails in order to catch up! That's what is at the root of
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― The Drunkard's Walk: How Randomness Rules Our Lives
― The Drunkard's Walk: How Randomness Rules Our Lives
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