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expected value |
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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). How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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For example, say you were attempting to derive an expected value for sales/revenue for the following company: Therefore, in concert with Assumption I, it is generally assumed that the common expected value is equal to Y, i. In 1997, it was 39 cents below the expected value, and by the 2001 crop year, the average price of $4. |
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