Printer-friendly version. Expected Value (i.e., Mean) of a Discrete Random Variable. Law of Large Numbers: Given a large number of repeated trials, the average. In probability theory, the expected value (EV) of a random variable is the weighted average of all possible values a random variable can take. In probability theory, the expected value of a random variable, intuitively, is the long-run average value of repetitions of the experiment it represents. For example Definition · General definition · Properties · Uses and applications.
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