Expected monetary value gives the long-run average payoff if a large number of identical decisions could be made.

Name: Expected monetary value gives the long-run average payoff if a large number of identical decisions could be made.
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Expected monetary value (EMV) is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen, thus providing the long-run average payoff under repetitive decision-making conditions.

Expected Monetary Value Gives the Long-Run Average Payoff If a Large