arXiv:2003.01973stat.OT
What Does the "Mean" Really Mean?
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Abstract
The arithmetic average of a collection of observed values of a homogeneous collection of quantities is often taken to be the most representative observation. There are several arguments supporting this choice the moment of inertia being the most familiar. But what does this mean? In this note, we bring forth the Kolmogorov-Nagumo point of view that the arithmetic average is a special case of a sequence of functions of a special kind, the quadratic and the geometric means being some of the other cases. The median fails to belong to this class of functions. The Kolmogorov-Nagumo interpretation is the most defensible and the most definitive one for the arithmetic average, but its essence boils down to the fact that this average is merely an abstraction which has meaning only within its mathematical set-up.
Another interesting, and very readable, article on the subject is What does the mean really mean? https://arxiv.org/abs/2003.01973
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