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The expected value of a random variable with a finite number of outcomes is a weighted average of all possible outcomes. In the case of a continuum of possible outcomes, the expectation is defined by integration .
In probability theory, an outcome is a possible result of an experiment or trial. [1] Each possible outcome of a particular experiment is unique, and different outcomes are mutually exclusive (only one outcome will occur on each trial of the experiment). All of the possible outcomes of an experiment form the elements of a sample space. [2]
Prognosis (Greek: πρόγνωσις "fore-knowing, foreseeing"; pl.: prognoses) is a medical term for predicting the likelihood or expected development of a disease, including whether the signs and symptoms will improve or worsen (and how quickly) or remain stable over time; expectations of quality of life, such as the ability to carry out daily activities; the potential for complications and ...
An optimal decision is a decision that leads to at least as good a known or expected outcome as all other available decision options. It is an important concept in decision theory. In order to compare the different decision outcomes, one commonly assigns a utility value to each of them.
The summarised formula for expected utility is () = where is the probability that outcome indexed by with payoff is realized, and function u expresses the utility of each respective payoff. [1] Graphically the curvature of the u function captures the agent's risk attitude.
Expectations are a central part of value calculations in economics. For example, calculating the Subjective expected utility of an outcome requires knowing both the value of an outcome and the probability that it will occur. Researchers who elicit (or measure) the expectations of individuals can input these beliefs into the model in place of ...
In gambling and probability theory, there is usually a discrete set of possible outcomes. In this case, expected return is a measure of the relative balance of win or loss weighted by their chances of occurring. For example, if a fair die is thrown and numbers 1 and 2 win $1, but 3-6 lose $0.5, then the expected gain per throw is
Survival analysis is a branch of statistics for analyzing the expected duration of time until one event occurs, such as death in biological organisms and failure in mechanical systems. This topic is called reliability theory , reliability analysis or reliability engineering in engineering , duration analysis or duration modelling in economics ...