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===[[Expected value]]=== | ===[[Expected value]]=== | ||
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Given an event with a variety of different possible outcomes, the '''expected value''' is what one should expect to be the average outcome if the event were to be repeated many times. Note that this is ''not'' the same as the "most likely outcome." | Given an event with a variety of different possible outcomes, the '''expected value''' is what one should expect to be the average outcome if the event were to be repeated many times. Note that this is ''not'' the same as the "most likely outcome." | ||
More formally, we can define expected value as follows: if we have an event <math>Z</math> whose outcomes have a [[discrete]] [[probability]] distribution, the... [[Expected value|[more]]] | More formally, we can define expected value as follows: if we have an event <math>Z</math> whose outcomes have a [[discrete]] [[probability]] distribution, the... [[Expected value|[more]]] | ||
</blockquote> | </blockquote> | ||
Revision as of 23:21, 28 January 2008
Expected value
This article was also a AoPSWiki word of the week
Given an event with a variety of different possible outcomes, the expected value is what one should expect to be the average outcome if the event were to be repeated many times. Note that this is not the same as the "most likely outcome."
More formally, we can define expected value as follows: if we have an event
whose outcomes have a discrete probability distribution, the... [more]
whose outcomes have a 
