Difference between revisions of "Expected Value"
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The value of an expected outcome given the probabilities. | The value of an expected outcome given the probabilities. | ||
==Context== | ==Context== | ||
| − | Compare this with the [[Utility Function]] as both focus on the greatest value for the greatest number, and so do not guarantee a minimum expectation for every individual. | + | * Compare this with the [[Utility Function]] as both focus on the greatest value for the greatest number, and so do not guarantee a minimum expectation for every individual. |
| + | * Compare this with the [[Least Action]] principle that predicts the path of least action, or shortest time, will be followed. | ||
==Quantum Physics== | ==Quantum Physics== | ||
Revision as of 13:47, 2 February 2025
Full Title or Meme
The value of an expected outcome given the probabilities.
Context
- Compare this with the Utility Function as both focus on the greatest value for the greatest number, and so do not guarantee a minimum expectation for every individual.
- Compare this with the Least Action principle that predicts the path of least action, or shortest time, will be followed.
Quantum Physics
The only result from the SE is the probability amplitude.
Gambling
Gamblers are Expected Value maximizers, that is they will take the bet when the Expected Value is greater than than the cost. These people are said to live “on the river”. Riverians worry that Villagers are stifling competition by increasingly focusing on equity of outcomes rather than equality of opportunity.[1]
References
- ↑ Nate Silver ‘’On the Edge’’. ISBN 9781594204128
