Study in Credibility Betterment Through Exclusion of the Largest Claim

It is often found even today in Europe that for certain statistical investigations the conclusion is drawn that the extent of the available statistical data is not sufficient. Going to the root of this pretension, however, we notice that there is a want of clear conception about the extent that is in fact necessary in order that a valid conclusion may with greater probability be arrived at. This, for instance, is the case when obvious tariff reductions are shirked from by retrenching oneself behind the law of large numbers, which by its very nature can in actual practice be never accomplished in its inherent sense.