Abstract
Let X be a discrete random variable with a finite or countable sample space 5 and with point probabilities f(x). The mean value or the mathematical expectation E[X] of X is defined as
i.e. as a weighted sum of the elements of the sample space with the corresponding probabilities as weights. The mean value of X can be interpreted as a long run average of the outcomes of an experiment with sample space S and probability f(x) of the outcome x. This is illustrated in the following example.
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© 1987 Springer-Verlag Berlin · Heidelberg
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Andersen, E.B., Jensen, NE., Kousgaard, N. (1987). Mean Values and Variances. In: Statistics for Economics, Business Administration, and the Social Sciences. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-95528-0_5
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DOI: https://doi.org/10.1007/978-3-642-95528-0_5
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-17720-3
Online ISBN: 978-3-642-95528-0
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