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Columbia Studies in the Social Sciences Volume 37-39

Columbia Studies in the Social Sciences Volume 37-39


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 Excerpt: ...or the average plus the probable variation, and the smallest probable number, or the average minus the probable variation.1 We may say then that the area of uncertainty increases as the square root of the number of cases, and that its ratio to the entire number of cases becomes correspondingly less. Risk, in the sense in which we are to use the term, is, so to speak, the objectified uncertainty as to the occurrence of an undesired event. It varies with the uncertainty and not with the degree of probability. In that sense the degree of risk in any individual case is a definite quantity. It may be ascertained in some cases by direct observation of the conditions on which the possibility of the occurrence of the event depends. When such knowledge can not be obtained directly, it is sought indirectly by a statistical study of the results of past experience. The chance of the occurrence of a loss is denoted by the fraction expressing the ratio between the actual number of losses and the possible number in a given period of time. The value of this figure varies with the regularity of the series from which it has been obtained. There is greater uncertainty about the number of losses that will occur in a given year when the average has been obtained from a fluctuating series than when it has been obtained from one which was comparatively uniform. The figure expressing the average variation of the actual losses from the average loss for a number of years is called the probable variation. The greater the ratio between the probable variation and the whole number of cases, the greater is the uncertainty. The probable variation increases only as the square root of the number of cases, therefore its ratio to the whole number becomes less as the number is increased. Conse...


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Product Details
  • ISBN-13: 9781130573251
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 176
  • Spine Width: 10 mm
  • Width: 189 mm
  • ISBN-10: 1130573257
  • Publisher Date: 01 Mar 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 327 gr


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