Definition of Expected Value

A detailed tutorial on the solving of Expected Value. Step by step tutorial including several examples of how to solve Expected Value for reference.

The expected value of a variable is the integral of the variable with respect to its probability measure. It amounts to either the probability-weighted sum or the probability-weighted integral of all possible values of the variable, depending on whether you are using it for discrete random variables or continuous random variables. The expected value does not exist for all variables, but it is always the limit of a sample mean, or average, of the possible solutions for the variable.

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