# Expected value

6 videos

4 skills

Now that we know what a random variable is, we can think about expected value. As we'll see, it can be viewed as a probability-weighted average of possible outcomes!

### Expected value

PRACTICE PROBLEMS

Compute the expected value given a set of outcomes, probabilities, and payoffs

### Term life insurance and death probability

VIDEO
4:22 minutes

Understanding an insurance company's sense of my chances of dying.

### Getting data from expected value

VIDEO
9:52 minutes

### Expected value with empirical probabilities

PRACTICE PROBLEMS

### Expected profit from lottery ticket

VIDEO
9:18 minutes

### Expected value with calculated probabilities

PRACTICE PROBLEMS

### Expected value while fishing

VIDEO
8:24 minutes

### Comparing insurance with expected value

VIDEO
9:16 minutes

### Making decisions with expected values

PRACTICE PROBLEMS