Summing the product of a gamble's outcome and the probability of its occurrence for all possible outcomes is

Name: Summing the product of a gamble's outcome and the probability of its occurrence for all possible outcomes is
Brand: Quizplus
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Quizplus · Accepted Answer

This is the definition of the expected value of the gamble. It represents the average outcome of the gamble over a large number of repetitions. It is a useful calculation for determining whether a gamble is worth taking or not.

Summing the Product of a Gamble's Outcome and the Probability