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

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.

Law of large numbers

VIDEO 8:59 minutes
Introduction to the law of large numbers