expected value
2
6.6
- noun
- /ɪkˈspɛktɪd ˈvælju/
- Specialized
:
valor esperado
- To determine the best strategy, we must calculate the expected value of each potential outcome based on its probability.
- change in expected value
- expected value of this quantity
- expected value of information
OK, so it turns out the expected value of all of these gambles is actually not as you chose.
- OK, so it turns out the expected value of all of these gambles is actually not as you chose.
- For example, if you just make a kind of expected value calculation, you know, you multiply the consequence by the probability.
- And that's this concept called expected value, multiplying the chance of success by the value of the success if you do it.
- I don't know if they help more than they harm in terms of your actual hourly, you know, expected value, the money that you earn when you're doing the big player team stuff.
Examples
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Investors often look at the expected value of a project to assess its potential profitability over time.
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In this case, the nominal stock of government debt is equal to the expected value of the government's primary surplus.
Academic text (2017) -
All right now the expected value of R is easy.
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So this is F of the expected value of X.
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We want the expected value of some function G of X.
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But this formula is something we use to estimate the expected value of X and it says that.
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Determine the costs and benefits of alternative information collection strategies and the expected value of further study.
Academic text (2007) -
So the mean is MU and it's equal to the expected value of X.
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Finally, closer ties between PLM and PPM help ensure projects achieve their expected value.
Academic text (2011) -
So recall the formula for the mean or expected value of the binomial is NP.
Synonyms
29
3.5
The average of a set of numbers
27
7.9
The average value from many results of a random event
1
7.2
The average of a set of numbers that you get by adding them and dividing by how many there are
1
3.4
The average of numbers found by adding them and dividing by how many there are
1
3.0
A number you get when you add numbers and divide by how many numbers there are
Surface Forms
Morphology
A learner who knows 'expected' (likely to happen) and 'value' (worth/amount) can plausibly infer that this refers to the value one would 'expect' — i.e. a typical or anticipated amount — so there is a clear compositional link. However, the precise statistical sense (the probability-weighted mean and how it is calculated) is technical and not fully predictable from the words alone, so it requires domain knowledge or instruction. Cross-linguistic equivalents (e.g. French 'valeur attendue', Spanish 'valor esperado', Chinese '期望值') make the general idea accessible but not the full technical detail.
Etymology
Expected value comes from the simple idea of listing every possible result, giving each result its chance, and then taking their 'average'. So expected and value together point to the 'average' outcome you would expect if you repeated the action many times.