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What is thecretical probability?
Theoretical Probability is the measure of likelihood that an event will have a particular outcome.
When could you use theoretical probability?
When there is a good theoretical model for the experiment and the model allows you to identify all the factors affecting the outcome and determine their impact on the outcome. Even if you cannot identify all the factors, you can still use theoretical probability but the predictions from your model will be less reliable. Econometrics is a good example of using theoretical probability based on an incomplete understanding of the model.
What is law of large numbers?
when a probability experiment is repeated a large number of times, the relative frequency probability of an outcome will approach its theoretical probability.
Is the mean of a random variable the theoretical average of a probability experiment and is not a possible outcome?
TRUE
When you win a lotto is this an example of experimental or theoretical probability?
Neither. Experimental or theoretical probabilities are methods that may be used to determine the probability that a given set of numbers will win, whereas your winning is the outcome of the event.
