ex·pect·ed value

(ĭk-spĕk′tĭd)

1. A quantity expressing a typical or average value of a random variable.

2. The sum (for discrete variables) or integral (for continuous variables) of the product of a random variable with its probability density function, over its range of values.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

expected value

(Statistics) statistics the sum or integral of all possible values of a random variable, or any given function of it, multiplied by the respective probabilities of the values of the variable. Symbol: E(X). E(X) is the mean of the distribution; E(X–c) = E(X)–c where c is a constant. Also called: mathematical expectation

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

ThesaurusAntonymsRelated WordsSynonymsLegend:

Noun

expected value - the sum of the values of a random variable divided by the number of values

arithmetic mean, first moment, expectation

statistics - a branch of applied mathematics concerned with the collection and interpretation of quantitative data and the use of probability theory to estimate population parameters

mean, mean value - an average of n numbers computed by adding some function of the numbers and dividing by some function of n

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References in periodicals archive

Part of expected value is understanding the probability or odds of a situation.

How to take calculated risks in life

In total, the expected value of probabilities still comes up with a positive 0.08 percent.

Are you afraid of the ghost month?

(23) Expected value is a concept in probability theory that provides a weighted average of the likelihood and magnitude of injury.

Standing uncertainty: an expected-value standard for fear-based injury in Clapper v. Amnesty International USA

With two fewer players in the mix, the odds spike to 39.05 percent, with a slightly lower expected value (2.099) because traditionally there is less money on the table.

On Poker -- Winning probabilities vary greatly based on table traffic

have the same value to the applicant, (72) a claim's expected value

Improving patent quality with applicant incentives

So, its expected value [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] is also equal to [??]([mu] + [delta], ..., [mu] + [delta]) with probability 1, and thus, the equality that described that this estimate is unbiased takes the form

From unbiased numerical estimates to unbiased interval estimates

For winter wheat farmers with moderate risk aversion in Hyde County, S.D., we estimate that the expected value of claims payments is $17.23 per acre under the coinsurance program above, but only $17.22 under the indifferent deductible program with an 86% threshold, so the risk premium is $0.01 per acre.

Deductibles vs. coinsurance in shallow-loss crop insurance

the risky choice has the same expected value. (2) Now imagine another

Modeling uncertainty in tax law

When conducting the test, the author divided the number of observations in each row of the table by the number of columns to arrive at the expected values for each cell of the expected contingency table (not shown in article) instead of using the formula expected value = [(2 Row*2 Column)/n].

Lead in Drinking Water

According to The Sydney Morning Herald, just one third of those surveyed believe Facebook's expected value is appropriate, and 50 percent say it is too high.

Half of Americans think Facebook is 'fad': Poll

In the second stage, the decision makers calculate for each action x two values: (1) the expected value given the estimated composite distribution (denoted [est.sub.x]), and (2) the minimum expected value over all reasonable distributions in the set [Y.sup.[omicron]] (denoted [min.sub.x]).

A general framework for accounting and audit decision making under ambiguity