Average

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Related to Central Tendency: standard deviation, measures of dispersion

AVERAGE. A term used in commerce to signify a contribution made by the owners of the ship, freight and goods, on board, in proportion to their respective interests, towards any particular loss or expense sustained for the general safety of the ship and cargo; to the end that the particular loser may not be a greater sufferer than the owner of the ship and the other owners of goods on board. Marsh. Ins. B. 1, c. 12, s. 7; Code de Com. art. 397; 2 Hov. Supp. to Ves. jr. 407; Poth. Aver. art. Prel.
     2. Average is called general or gross average, because it falls generally upon the whole or gross amount of the ship, freight and cargo; and also to distinguish it from what is often though improperly termed particular average, but which in truth means a particular or partial, and not a general loss; or has no affinity to average properly so called. Besides these there are other small charges, called petty or accustomed averages; such as pilotage, towage, light-money, beaconage, anchorage, bridge toll, quarantine, river charges, signals, instructions, castle money, pier money, digging the ship out of the ice, and the like.
     3. A contribution upon general average can only be claimed in cases where, upon as much deliberate on and consultation between the captain and his officers as the occasion will admit of, it appears that the sacrifice at the time it was made, was absolutely and indispensably necessary for the preservation of the ship and cargo. To entitle the owner of the goods to an average contribution, the loss must evidently conduce to the preservation of the ship and the rest of the cargo; and it must appear that the ship and the rest of the cargo were in fact saved. Show. Ca. Parl. 20. See generally Code de Com. tit. 11 and 12; Park, Ins. c. 6; Marsh. Ins. B. 1, c. 12, s. 7 4 Mass. 548; 6 Mass. 125; 8 Mass. 467; 1 Caines' R. 196; 4 Dall. 459; 2 Binn. 547 4 Binn. 513; 2 Serg. & Rawle, 237, in note; 2 Serg. & Rawle, 229 3 Johns. Cas. 178; 1 Caines' R. 43; 2 Caines' R. 263; Id. 274; 8 Johns. R. 237, 2d edit 9 Johns. R. 9; 11 Johns. R 315 1 Caines' R. 573; 7 Johns R. 412; Wesk. Ins. tit. Average; 2 Barn. & Crest. 811 1 Rob. Adlm. Rep. 293; 2 New Rep. 378 18 Ves. 187; Lex. Mer. Armer. ch. 9; Bac Abr. Merchant, F; Vin. Abr. Contribution and' Average; Stev. on Av.; Ben. on Av.

References in periodicals archive ?
Note: The central tendency excludes the three highest and three lowest observations.
where [DELTA][[sigma].sub.t] is the change in a measure of market-implied uncertainty from one day before to the day of a SEP release, AWCT is the change in the width of the central tendency from the last projection release, and [[epsilon].sub.t] is an error term.
(B) Another measurement index of central tendency is median.
To see how central tendency might be used for interpreting a single test, consider a 50-item final examination called Test x for which the mean, median, and mode turned out to be 24.98, 25, and 25, respectively.
Statistical hypotheses: the null hypothesis is that the central tendency of EB sc for students from rural and urban environments is the same [[H.sub.0]: E(R) = E(U)]; the le alternative hypothesis is that the central tendency of the scores is different [[H.sub.1]: E(R) [not equal to] E(U)].
A fundamental knowledge of the simple measures of central tendency --the mean, the median, and the mode--is essential to understanding basic statistical inference.
The statistical processing was based on calculating the following indicators [Dragnea, 1984]: arithmetic mean (X is the central tendency of values), median (M, the position that divides in two equal parts the string of data), the superior limit ([X.sub.max], the superior value of the string), the inferior limit ([X.sub.min], the inferior value of the string), amplitude (W, the difference between the maximum and minimum values), the standard deviation (S, represents the dispersion indicator, of the scattering level of the values) and the variability coefficient (Cv%, the degree of homogeneity of the results from the research sample).
How much [+ or -] bias is associated with the central tendency of the [+ or -] random measurement error probability space?
shocks move it tip and down, but the expected rate of inflation slowly tends to move back toward a longer-run average, termed the central tendency. That central tendency itself moves around, slowly tending toward the long-run historical mean of inflation in the United States.
In mathematics, an average, or central tendency of a data set is a measure of the "middle" value of the data set.
Her family was filled with creative people who express their creativity in different career paths and whose central tendency is to create.

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