The Logic of Chance, 3rd edition: An Essay on the Foundations and Province of the Theory of Probability, With Especial Reference to Its Logical Bearings and Its Application to Moral and Social Science and to StatisticsVenn, John
Philosophy
The Logic of Chance, 3rd edition: An Essay on the Foundations and Province of the Theory of Probability, With Especial Reference to Its Logical Bearings and Its Application to Moral and Social Science and to Statistics
Venn, John
Chance; Logic, Symbolic and mathematical; Probabilities; Science -- Methodology
Now when we are referring to averages it must be remembered
that the minimum number of different occurrences
necessary in order to justify the average is that which enables
each of them to present itself once. A man proposes to stop
short at a succession of ten heads. Well and good. We tell
him that his average gain will be £5. 10_s_. 0_d_.: but we also
impress upon him that in order to justify this statement he
must commence to toss at least 1024 times, for in no less
number can all the contingencies of gain and loss be exhibited
and balanced. If he proposes to reach an average gain of £20,
he will require to be prepared to go up to 39 throws,
To _justify_ this payment he must commence to throw 2^{39} times,
i.e. about a million million times. Not before he has
accomplished this will he be in a position to prove to any
sceptic that this is the true average value of a 'turn' extending
to 39 successive tosses.
Of course if he elects to toss to all eternity we must
adopt the line of explanation which alone is possible where
questions of infinity in respect of number and magnitude are
involved. We cannot tell him to pay down 'an infinite sum,'
for this has no strict meaning. But we tell him that, however
much he may consent to pay each time runs of heads occur,
he will attain at last a stage in which he will have won
back his total payments by his total receipts. However
large n may be, if he perseveres in trying 2^{n} times he _may_
have a true average receipt of 1/2 (n + 1) pounds, and if he
continues long enough onwards he _will_ have it.
The problem will recur for consideration in a future
chapter.
1. The following statistics will give a fair idea of the wide range of
experience over which such regularity is found to exist: "As
illustrations of equal amounts of fluctuation from totally
dissimilar causes, take the deaths in the West district of London in
seven years (fluctuation 13.66), and offences against the person
(fluctuation 13.61); or deaths from apoplexy (fluctuation 5.54), and
offences against property, without violence (fluctuation 5.48); or
students registered at the College of Surgeons (fluctuation 1.85),
and the number of pounds of manufactured tobacco taken for home
consumption (fluctuation 1.89); or out-door paupers (fluctuation
3.45) and tonnage of British vessels entered in ballast (fluctuation
3.43), &c." [Extracted from a paper in the Journal of the
Statistical Society, by Mr Guy, March, 1858; the 'fluctuation' here
given is a measure of the amount of irregularity, that is of
departure from the average, estimated in a way which will be
described hereafter.]
2. Transactions of the Cambridge Philosophical Society, Vol. IX. p. 605.
Reprinted in the collected edition of his writings, p. 50.
Public-domain text, read in full here on John Shaqi.
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