Web Reference: If you stick around, I’m going to quickly define expected value using a simple stylized example, then provide a bunch of practical examples of how expected value can be used in the real... Expected value is exactly what you might think it means intuitively: the return you can expect for some kind of action, like how many questions you might get right if you guess on a multiple choice test. For example, if you take a 20 question multiple-choice test with A,B,C,D as the answers, and you guess all “A”, then you can expect to get 25% rig... If the expected value exists, this procedure estimates the true expected value in an unbiased manner and has the property of minimizing the sum of the squares of the residuals (the sum of the squared differences between the observations and the estimate).
YouTube Excerpt: The focus of this video is to try and understand how we can interact with a world FILLED with probabilistic situations. In particular ...
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