The law of large numbers says nothing about the last 10 flips or the last 10 million flips—which have already happened, cannot be changed, and have no effect on future flips. The law of large numbers is concerned with future throws. It says, looking ahead to predict the next 1,000 throws, the probability is high that heads will come up close to half the time.
- Essential Statistics, Regression, and Econometrics
- from Essential Statistics, Regression, and Econometrics
- Publisher: Academic Press
- Released: November 2011
Probably explains why when looking at probability of independent events, we cannot use it to figure the outcome of an event in the past. However, we can use it to make a very likely prediction for the future
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