In other words, if we repeat the underlying random experiment several times and take the average of the values of the random variable corresponding to the outcomes, we would get the expected value, ap...In other words, if we repeat the underlying random experiment several times and take the average of the values of the random variable corresponding to the outcomes, we would get the expected value, approximately. (Note: This interpretation of expected value is similar to the relative frequency approximation for probability discussed previously.) Again, we see that the expected value is related to an average value of the random variable.
This page covers the expected value of discrete random variables, defining it as a weighted average and long-run average. It includes examples, such as a coin toss game, and discusses expected values ...This page covers the expected value of discrete random variables, defining it as a weighted average and long-run average. It includes examples, such as a coin toss game, and discusses expected values for common discrete distributions. The page presents theorems related to the expected values of functions of random variables, emphasizing the linearity of expected value and how to calculate it by applying functions to the random variable's values.
