Week 12 Flashcards
1
Q
AKA law of averages - idea that the larger the number of trials, the clearer a pattern will be, even though individual events are unpredictable
A
law of large numbers
2
Q
mistaken belief that a streak of bad luck makes a person “due” for good luck to follow
A
gambler’s fallacy
3
Q
expected value the casino earns per dollar bet in a particular game
A
house edge
4
Q
data concerning births and deaths of citizens
A
vital statistics
5
Q
number of additional years a person of a given age can expect to live on average
A
life expectancy
