The Law of Truly Large Numbers

The Law of Truly Large Numbers
With a large enough sample, any outrageous thing is likely to happen. The point is that truly rare events, say events that occur only once in a million [as the mathematician Littlewood (1953) required for an event to be surprising] are bound to be plentiful in a population of 250 million people. If a coincidence occurs to one person in a million each day, then we expect 250 occurrences a day and close to 100,000 such occurrences a year.

Going from a year to a lifetime and from the population of the United States to that of the world (5 billion at this writing), we can be absolutely sure that we will see incredibly remarkable events. When such events occur, they are often noted and recorded. If they happen to us or someone we know, it is hard to escape that spooky feeling.

http://www.wired.com/wiredscience/2012/05/methods-for-studying-coincidences/


23 January 2012

English: A baseball that has been extensively used
Image via Wikipedia
Rotisserie Baseball Auction Decisions: Of all the motivations we have, which one is the tipping point?
Information comes in millions of tiny pieces over time. It is beyond our memory and our conscious capacity to recall and assemble all of those data when called upon to make a decision that relies on it. Instead we discard the details and just store summary statistics. When it comes time to make a decision, the memory division of our decision-making apparatus steps up and presents the relevant summary statistics.
http://cheaptalk.org/2012/01/23/doubting-your-own-motivations/
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