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Old 07-19-2007, 10:45 PM
Silent A Silent A is offline
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Default Re: Teaching an intelligent guy about a basic statistics concept

[ QUOTE ]
Usually, the explanation of "each individual coin flip is even money" for either heads or tails assuming an unbiased/fair coin...and that T-T-T-T-T-T-T-T-T-T is as likely for a "random walk" as, say, H-T-T-H-T-T-H-T-H-H. All tails just looks funny; we are pattern recognizing machines after all, oftentimes regardless of any value in meaning.

[/ QUOTE ]

This is a good point. I had a very good friend who was well trained in math and statistics (he became a chartered accountant in the end). We were talking about lotteries (powerball, 6/49 type). I mentioned that one could just pick numbers 1, 2, 3, 4, 5, 6. His initial reaction was, "that's stupid, what are the chances of that happening?". To which I answered, "just as likely as any other numbers". He had to think about it for a while before he convinced himself that I was right.
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