expected value (redirected from Mathematical expectancy)

expected value [ek′spek·təd ′val·yü]

(mathematics)

For a random variablexwith probability density function ƒ(x), this is the integral from -∞ to ∞ ofxƒ(x)dx. Also known as expectation.

For a random variablexon a probability space (Ω,P), the integral ofxwith respect to the probability measureP.

(systems engineering)

In decision theory, a measure of the value or utility expected to result from a given strategy, equal to the sum over states of nature of the product of the probability of the state times the consequence or outcome of the strategy in terms of some value or utility parameter. Abbreviated EV. Also known as expected utility (EU).