Expected Value

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7 Terms

1
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Expected value

Mean value of a random variable

2
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E(X) = Σx•p(x)

Mathematical representation of the Expected Value of a Discrete Random Variable

3
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E(X) = ∫(from -∞ to +∞) x•f(x)dx

Mathematical representation of the Expected Value of a Continuous Random Variable

4
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E(aX + bY + c) = aE(X) + bE(Y) + c

Linearity of Expectation

5
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E[g(X)] = Σg(x)p(x) or ∫ g(x)f(x) dx

The expected value of a function g(X)

6
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Represents the long-run average or balance point of the distribution.

What is the physical meaning of Expectation?

7
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Multiply each x-value by its probability and sum.

Shortcut for Expected Value