A subscription to JoVE is required to view this content.

English

6.6 : Expected Value

The expected value is known as the "long-term" average or mean. This means that over the long term of experimenting over and over, you would expect this average. The expected average is represented by the symbol μ. It is calculated as follows:

Equation1

In the equation, x is an event, and P(x) is the probability of the event occurring.

The expected value has practical applications in decision theory.

This text is adapted from Openstax, Introductory Statistics, Section 4.2 Mean or Expected Value and Standard Deviation.

We use cookies to enhance your experience on our website.

By continuing to use our website or clicking “Continue”, you are agreeing to accept our cookies.

Learn More