R
Richard Tobin
[/QUOTE]The (strong and weak) laws of large numbers are theorems relating
expected gain to actual gain, and show that if certain facts are true
of the distribution of results then your actual gain will almost
certainly tend to the expectation. But these laws do not apply to
lotteries of the kind under discussion, since the number of trials
available is nowhere near large enough.
Then they're using a different definition of "expected" than I learned,
and your probabilistic "actual gain" corresponds _exactly_ to what
I learned the term "expected value" to describe.
The expected gain is defined as the sum (or integral) of the
probabilities multiplied by the corresponding gains.
The use of the word "expected" suggests that it's somehow the value
you'd expect in the long run, but that definition above doesn't say
anything about that. It's not an average over all your trials, it's a
weighted average over all possibilities.
The laws of large numbers relate these two concepts. Obviously
they're still probabilistic, because there is no guarantee that you
will not win every time. They show that as you do more trials, the
chance of your actual gain being far from the expected gain tends to
zero.
In the case of a lottery, the numbers of entries you can make is
nowhere near high enough for these laws to apply. So you have no
basis for using the expected gain as a criterion for deciding whether
to gamble.
-- Richard