In repeated games of chance involving uncertainty, relative frequencies are both stable over time and individuals can calculate them by simply counting the total number of equally likely possible outcomes divided by the number of ways that the outcome can occur.

Question

Quizplus · Accepted Answer

While relative frequencies can stabilize over time in repeated games of chance, calculating them involves not just counting outcomes but also considering the probability of each outcome, which may not be equally likely.

In Repeated Games of Chance Involving Uncertainty, Relative Frequencies Are