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What Is Benford's Law?

Benford's Law is an observation about the frequency distribution of the leading digit in numerical data sets. In many data sets, 1 appears as the leading digit about 30.10% of the time, while 9 appears as the leading digit about 4.58% of the time. If the frequency distribution was uniform, each digit would appear 11.11% of the time. I provide an example and show that changing the unit of measurement does not significantly change the frequency distribution. The phenomenon was first documented in 1881. This observation has ramifications for finance and investment that I will cover in a future video. #distributions #frequencies #dataanalytics #datascience #datasets #numerology #bigdata #analytics #data #cfainstitute