How To Do Expected Value

Expected value multiplies the probability of each outcome by the possible outcome. Using the probability mass function and summation notation allows us to more compactly write this formula as follows where the summation is taken over the index i.

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The carnival game revisited.

How to do expected value. The carnival game mentioned above is an example. For example if you were rolling a die it can only have the set of numbers 123456. The expected value of x is given by the formula.

Find the sum of the products. Determine the probability of each possible outcome. The expected value formula for a discrete random variable is.

Expected value and the. Now suppose that the carnival game has been modified slightly. Assign a value to each possible outcome.

How to calculate the expected value how to calculate the expected value. For example in a dice game rolling a one three or five pays 0 rolling a two or four pays 5 and rolling a six pays 10. You can think of an expected value as a mean or average for a probability distribution.

Now turn to the casino. E x x 1 p 1 x 2 p 2 x 3 p 3. Multiply each value times its respective probability.

Expected value at the casino. A discrete random variable is a random variable that can only take on a certain number of values. How to calculate an expected value method 1 learning to find any expected value identify all possible outcomes.

X n p n. Expected value uses probabilities to determine what an expected outcome such as a payoff will be.

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