tag:blogger.com,1999:blog-15453937.post8612554392996159252..comments2024-01-10T17:36:15.040-07:00Comments on The Lippard Blog: More than 50% can be above averageLippardhttp://www.blogger.com/profile/16826768452963498005noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-15453937.post-34770014929666644962013-02-23T23:14:04.283-07:002013-02-23T23:14:04.283-07:00A few bad drivers - say 20% - can result in the av...A few bad drivers - say 20% - can result in the average loss being very high. So, the 80% may have a <br />"better than average" loss ratio.<br /><br />In fact, that is the case for motor insurance claims. For the statistically minded, loss ratios follow a Poisson-distribution, hence the average loss is higher than the average person's loss.SBhttps://www.blogger.com/profile/07334078794013967624noreply@blogger.comtag:blogger.com,1999:blog-15453937.post-40913775177314169312007-01-05T13:09:00.000-07:002007-01-05T13:09:00.000-07:00I don't think is a particularly good example. Whe...I don't think is a particularly good example. When respondents to the question "Are you a better driver than average?" answer in the affirmative, they almost certainly mean that, in a group of 100 random drivers, they'd be in the top 50 (and not that their driving skill is greater than M, the mean driving skill of the group). So, I think it remains as a good example of cognitive bias.<br /><br />BrianUnknownhttps://www.blogger.com/profile/04500936454730893207noreply@blogger.com