# Expected Value

Expected Value

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• An expected value is the long-run average of a RANDOM VARIABLEX. More formally, the expected value E(X) is a weighted average of all of X’s possible values. For a DISCRETE variable, the weights are the PROBABILITIES of the X values, p(X), and the average is obtained by summation:

For a CONTINUOUS variable, the weights are the probability densities of the X values, f(X), and the average is obtained by ...

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