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Section
3: Means and Medians Trial Award Patterns Probability Standard Deviation Normal Distributions Logarithms Awards Test |
Standard deviationMeans and medians provide little indication of the spread of observations about the central figure. The stream of numbers consisting of 10, 10, 10 has a mean of 10. So does the stream of numbers consisting of 0, 0, 30. The mean by itself oversimplifies, in the sense that it does not provide a measure of the difference between these two different streams of numbers. The standard deviation does measure such difference. Very roughly speaking, the range from the high value to the low value of the stream equals about four standard deviations. Table 1 shows that the standard deviation of awards in jury trials is noticeably higher than the standard deviation of awards in judge trials, for both compensatory and punitive damages. This means that jury awards show a bigger range, or more variation, than judge awards. We need not worry here about precisely computing the standard deviations, so accept them as given in Table 1.
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Comments to ted@teddy.law.cornell.edu | ||
Last updated: September 2002 |