Expected Value
Expected Value of Random Variable
The expected value of a random variable is the weighted average of all possible values of the variable. The weight here means the probability of the random variable taking a specific value.
Where
equal to the values that
takes and
is the probability that
takes the value
Since continuous random variables can take uncountably infinitely many values, we cannot talk about a variable taking a specific value. We rather focus on value ranges.
In order to calculate the probability of value ranges, probability density functions (PDF) are used.
PDF is a function that specifies the probability of a random variable taking value within a particular range.
Where
is the PDF of
Last modified 2yr ago