Probability: What Is Expected Value?
Read this topicExplanations 5
- Expectation, or expected value, is the mean of a random variable. It can be thought of as the average outcome that would be obtained after numerous trials of an experiment. Supp…
By Sarah Chen, Christopher Liu, Ruiran Xun, Anusha Rahman
- An expected value can be thought of as a "weighted average," or the predicted value of a variable. It is calculated as the sum of every possible value multiplied by the probabil…
By Joy Feng, Ruiran Xun
- To lead up to the concept of expected value, let's consider a few quick scenarios first. Imagine you have a fairly weighted coin. When you flip heads, you earn 1\11, but when yo…
By Ruiran Xun
- Expected Value The expected value in probability is a more complicated way of saying mean, which we are already pretty familiar with. More specifically, when talking about the e…
By Anusha Rahman
- (Video) How to Calculate Expected Value by The Organic Chemistry Tutor In this video by The Organic Chemistry Tutor, you will learn how to calculate the expected value of winnin…
By Anusha Rahman
Problems 9
- What is B−AB - AB−A?
- What is the expected value when you roll a fair, six-sided dice?
- You play a game in which you roll a fair, 666-sided dice. If you roll a 111 or 222, you will receive the face value of your roll (so you will receive one dollar if you roll a 11…
- You might have noticed that on a standard die, the sides with 1 and 6 are opposite, the sides with 2 and 5 are opposite, and the sides with 3 and 4 are opposite. This configurat…
- You have exactly 100\100100. You can purchase tickets on your own or work with friends to pool your money. Which of these is the best strategy?
- You are moving into your first apartment and purchase the toaster with the best reviews from a reputable brand for your kitchen. While checking out, the clerk asks you whether y…
- You've just bought the last 5 tickets for a raffle that has 2 baskets, each with a 100 gift card for the same store. One basket already has 24 tickets in it and the other alread…
- Above average basketball players have a 3-point accuracy of about 30%. You've been training to have superhuman accuracy at 3-point shots. Suppose that you've just reached a 3-po…
- You have two standard dice. On each, the sides with 111 and 666 are opposite, the sides with 222 and 555 are opposite, and the sides with 333 and 444 are opposite. You are playi…