expected-value
Expected value is a fundamental concept in probability and statistics that represents the average outcome of a random variable over numerous trials. It is calculated by multiplying each possible outcome by its probability and summing these products. This concept is crucial in various fields, including finance, game theory, and machine learning, as it helps in making informed decisions under uncertainty. For instance, in gambling, understanding expected value can guide players on whether a game is worth playing. Overall, expected value provides a powerful tool for evaluating risks and rewards in uncertain situations.
What is the expected value?
Even if you are not aware of it, expected value is behind many frequently used concepts such as entropy and the mean squared error .For instance, entropy is the expected value of the information…
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Expected Value of Random Variables -Explained Simply
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. What is…
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The Devil’s Roulette: a Failure of Expected Value
With the propagation of data, technocrats and pop-books about statistics an increasingly large portion of the population are familiar with Expected Value. For the uninitiated Expected Value is the…
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The Simple but Profound Introduction to Expectation
In this article/story we will understand the idea of the Expectation with beautiful graphs and concepts behind it. This story is an extension of this article. The expectation is a value from the…
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Anomaly Detection with Extreme Value Analysis
Extreme Value Analysis (EVA) is a statistical methodology that is used primarily to estimate the probability of events that are rarest compared to any previously observed. The fields of application…
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The Paths Perspective on Value Learning
Introduction In the last few years, reinforcement learning (RL) has made remarkable progress, including beating world-champion Go players , controlling robotic hands , and even painting pictures . One...
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Expectation and Variance From Zero to Mastery
Expectation and variance are one of the basic and yet important topics. It is essential for data scientists to deeply understand the subject in order to tackle statistical problems and understand…
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Modeling Expected Goals
Using Logistic Regression to predict the probability of a shot resulting in a goal
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A Deep Dive into the Science of Statistical Expectation
The White Cliffs of Dover (CC BY-SA 3.0) How we come to expect something, what it means to expect anything, and the math that gives rise to the meaning. It was the summer of 1988 when I stepped onto a...
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A Guide to Expected Goals
Using data to investigate the trends and probabilities of shots and goals
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Wordle Words and Expected Value
Like many people, I’ve gotten sucked into wordle. For those unfamiliar with the game, you are tasked with identifying a five-letter word. You input a guess (which must be a five-letter word) and are t...
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Return Values
Section 4.4 Return Values A subroutine that returns a value is called a function . A given function can only return a value of a specified type, called the return type of the function. A function call...
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