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Expectations - University of Notre Dame
www3.nd.eduExpectations Expectations. (See also Hays, Appendix B; Harnett, ch. 3). A. The expected value of a random variable is the arithmetic mean of that variable, i.e. E(X) = µ. As Hays notes, the idea of the expectation of a random variable began with probability theory in games of chance. Gamblers wanted to know their expected long-run