The Expected Value of a bet shows us how much we can expect to win (on average) per bet, and as such is the most valuable calculation a bettor can make. Definition of expected value & calculating by hand and in Excel. Step by step. Includes video. Find an expected value for a discrete random variable. In probability theory, the expected value of a random variable, intuitively, is the long-run .. This is because an expected value calculation must not depend on the order in which the possible outcomes are presented, whereas in a conditionally. This division is the only equitable one when all strange circumstances are eliminated; because an equal degree of probability gives an equal right for the sum hoped for. For example, suppose we toss a coin where the probability of heads is p. Not all random variables have a finite expected value, since the integral may not converge absolutely; furthermore, for some it is not defined at all e. In other words, each possible value the random variable can assume is multiplied by its probability of occurring, and the resulting products are summed to produce the expected value. This result will be: Show more Show less.
Habe: Calculating expected value
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