expected value

noun

Definition of expected value 

1 : the sum of the values of a random variable with each value multiplied by its probability of occurrence

2 : the integral of the product of a probability density function of a continuous random variable and the random variable itself when taken over all possible values of the variable

First Known Use of expected value

1915, in the meaning defined at sense 1

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The first known use of expected value was in 1915

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