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Expected Values

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May 1, 2024 4 minute read
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Expected value is a fundamental concept in probability theory that measures the average outcome of a random variable. It's calculated by multiplying each possible outcome by its probability and then summing these products. Expected value is widely used in various fields, including statistics, finance, and decision-making.

Why Learn Expected Values?

Understanding expected values offers numerous benefits:

Path to Expected Values

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We've curated three courses to help you on your path to Expected Values. Use these to develop your skills, build background knowledge, and put what you learn to practice.
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Reading list

We've selected five books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Expected Values.
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The Analytics of Uncertainty and Information
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Provides a comprehensive look at the fundamental concept of expected value, discussing how economists use this concept. Beyond the applications in economics, the book also discusses the philosophical implications raised by the expected value concept.
The Analytics of Uncertainty and Information
Paperback
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The Analytics of Uncertainty and Information
Kindle Edition
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Probability Theory
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Provides a unique perspective on expected value, focusing on the concept of expected information. It valuable resource for anyone interested in the foundations of probability and information theory.
Probability Theory: The Logic of Science
Hardcover
$$$
Probability Theory: The Logic of Science
Kindle Edition
$$$$
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The Mathematics of Preference, Choice and Order
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Explores the use of expected utility theory in risk analysis. It provides a comprehensive overview of the theory and its applications, making it a valuable resource for professionals in the field.
The Mathematics of Preference, Choice and Order:...
Paperback
$$$$
The Mathematics of Preference, Choice and Order:...
Kindle Edition
$$$$
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Playing for Real
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Explores the use of expected value in game theory. It provides a comprehensive overview of the theory and its applications, making it a valuable resource for professionals in the field.
Playing for Real: A Text on Game Theory
Hardcover
$$$$
Playing for Real, Coursepack Edition: A Text on...
Paperback
$$$
Playing for Real: A Text on Game Theory
Kindle Edition
$$$
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International Economics Study Guide
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Advanced readers will enjoy this comprehensive review of expected value as it applies to imperfect markets.
International Economics Study Guide
Paperback
$$$
Relevant careers
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Operations Research Analyst
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