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This faulty intuition as well as many modern applications of probability theory are under the strong influence of traditional misconceptions concerni… - William Feller
" "This faulty intuition as well as many modern applications of probability theory are under the strong influence of traditional misconceptions concerning the meaning of the law of large numbers and of a popular mystique concerning a so-called law of averages.
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About William Feller
William "Vilim" Feller (July 7, 1906 – January 14, 1970), born Vilibald Srećko Feller, was a Croatian-American mathematician specializing in probability theory. Feller was one of the greatest probabilists of the twentieth century, who is remembered for his championing of probability theory as a branch of mathematical analysis in Sweden and the United States.
Also Known As
Native Name:
Vilibald Srećko Feller
Alternative Names:
Vilim Feller
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Additional quotes by William Feller
It should be noted that this duration is considerably longer than we naively expect. If two players with 500 dollars each toss a coin until one is ruined, the average duration of the game is 250,000 trials. If a gambler has only one dollar and his adversary has 1000, the average duration is 1000 trials.
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