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How chance, data and uncertainty shape economic decisions, from assessing risks to interpreting trends and drawing conclusions.
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From Probability and Statistics: Descriptive statistics · Measures of Central Tendency
Fifty people with ordinary incomes are in a room, and a billionaire walks in. What happens to the mean and median income?
- The mean soars; the median barely moves
- Both rise by roughly the same amount
- The median soars; the mean barely moves
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Answer: The mean soars; the median barely moves
The mean adds the billionaire's fortune into the total, while the median just shifts by at most half a position in the ordered list.
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