More on expected value

Expected value gives us the mean or long-term average number of success we can expect over time if we repeat a process over and over. For example, how much money can someone expect to win on average for each lottery ticket they buy?

Term life insurance and death probability

Getting data from expected value

Expected profit from lottery ticket

Expected value while fishing

Comparing insurance with expected value

Expected value with empirical probabilities

Expected value with calculated probabilities

Making decisions with expected values

Law of large numbers