High Quality Content by WIKIPEDIA articles! In statistics, the question of checking whether a coin is fair is one whose importance lies, firstly, in providing a simple problem on which to illustrate basic ideas of statistical inference and, secondly, in providing a simple problem that can be used to compare various competing methods of statistical inference, including decision theory. The practical problem of checking whether a coin is fair might be considered as easily solved by performing a sufficiently large number of trials, but statistics and probability theory can provide guidance on two types of question; specifically those of how many trials to undertake and of the accuracy an estimate of the probability of turning up heads, derived from a given sample of trials. A fair coin is an idealized randomizing device with two states (usually named "heads" and "tails") which are equally likely to occur. It is based on the coin flip used widely in sports and other situations where it is required to give two parties the same chance of winning.

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