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Mathematics

Law of Large Numbers

Quick fact

The law of large numbers was first formalized by Jacob Bernoulli in his 1713 work Ars Conjectandi; it is the mathematical guarantee that insurance companies can predict losses despite unpredictable individual claims.

Why this is interesting

When you flip a coin many times, the percentage of heads gets closer and closer to 50%—but why doesn't a streak of tails guarantee a heads next time?