Expected value calculator

Calculate expected value E[X], variance and standard deviation for a bet, game or decision from its outcomes and their probabilities or weights.

अद्यतनित तपासलेली उदाहरणे: ४

Net result of each outcome, e.g. −5 for losing a $5 stake.
One per outcome, in the same order. Fractions such as 1/38 work.
वापरून पाहा
Expected value E[X]
Expected value E[X]: −1.5
कमाल दशांश स्थाने: ६; जवळचे मूल्य; समान अंतरावर शून्यापासून दूर
Variance
127.75
Standard deviation
11.302655
Probability of a positive outcome
0.2
Worst outcome
−5
Best outcome
95

Over many repetitions this loses 1.5 per play on average, with a typical swing of ±11.3 on any single play. The expected value is a long-run average: a single play can land anywhere from −5 to 95, and 20% of plays come out ahead.

Probability of each outcome

−5: 0.80.8−55: 0.150.15520: 0.040.042095: 0.010.0195
Outcomes ओळी: ४
Outcomeसंभाव्यताx × p(x − E)² × p
−50.8−49.8
50.150.756.3375
200.040.818.49
950.010.9593.1225
गणना कशी केली जाते S
  1. अपेक्षित मूल्य

    E[X]=∑xipi=−5×0.8+5×0.15+20×0.04+95×0.01=−1.5E[X] = \sum x_i p_i = -5 \times 0.8 + 5 \times 0.15 + 20 \times 0.04 + 95 \times 0.01 = -1.5
  2. Variance

    Var⁡(X)=∑(xi−−1.5)2pi=127.75\operatorname{Var}(X) = \sum (x_i - -1.5)^2 p_i = 127.75
  3. Standard deviation

    σ=127.75=11.302655\sigma = \sqrt{127.75} = 11.302655

Expected value calculator बद्दल

Expected value is the probability-weighted average of the outcomes, E[X] = Σ xᵢpᵢ: what a bet, game or decision returns per play over many plays. The variance, Σ(xᵢ − E[X])²pᵢ, and its square root, the standard deviation, measure how far single results swing around that average. Counts or relative weights are rescaled to probabilities before the sums.

The default is a $5 scratch card that loses the stake with probability 0.8 and wins a net $5, $20 or $95 with probabilities 0.15, 0.04 and 0.01. Its expected value is −$1.50 per card, even though 20% of cards come out ahead.

Enter each outcome as a net result, winnings minus the stake: a lost $5 stake is −5 and a $100 prize on a $5 card is 95. The probabilities must add up to 1, or switch to counts and weights.

सोडवलेली उदाहरणे

$5 scratch card (defaults)

Outcomes (values or payoffs)
-5, 5, 20, 95
Probabilities
0.8, 0.15, 0.04, 0.01
Second list holds
Probabilities (sum to 1)
Expected value E[X]
-1.5
Variance
127.75
Probability of a positive outcome
0.2

पडताळणीचा स्रोत: Hand calculation: −4 + 0.75 + 0.8 + 0.95 = −1.5; Σp(x − μ)² with Python fractions = 127.75

American roulette, single-number bet

Outcomes (values or payoffs)
35, -1
Probabilities
1/38, 37/38
Second list holds
Probabilities (sum to 1)
Expected value E[X]
-0.052632

पडताळणीचा स्रोत: House edge of a straight-up bet: −2/38 = −5.26% (standard roulette tables)

Fair die

Outcomes (values or payoffs)
1 2 3 4 5 6
Probabilities
1 1 1 1 1 1
Second list holds
Counts or weights
Expected value E[X]
3.5
Variance
2.916667

पडताळणीचा स्रोत: E = 7/2 and Var = 35/12 for a fair die (textbook result; Python fractions)

Edge case: a certain outcome

Outcomes (values or payoffs)
42
Probabilities
1
Second list holds
Probabilities (sum to 1)
Expected value E[X]
42
Variance
0
Standard deviation
0

पडताळणीचा स्रोत: A single outcome with probability 1 has no spread

प्रश्न

How do you calculate expected value?

Multiply each outcome by its probability and add the products: E[X] = Σ xᵢpᵢ. For a fair six-sided die, E = (1 + 2 + 3 + 4 + 5 + 6) × 1/6 = 3.5. For the default scratch card, −5 × 0.8 + 5 × 0.15 + 20 × 0.04 + 95 × 0.01 = −1.5, a loss of $1.50 per $5 card on average.

What does a negative expected value mean?

The bet loses money on average per play. The −$1.50 scratch card returns −30% of its $5 price, so 100 cards are expected to lose $150. Single results vary: with a standard deviation of 11.30 per card, the total over 100 independent cards has a standard deviation of 11.30 × √100 = 113, so some buyers of 100 cards still come out ahead.

What is the house edge in roulette?

5.26% on an American double-zero wheel and 2.70% on a European single-zero wheel. A single-number bet pays 35 to 1. With 38 pockets, the expected value per unit staked is (35 − 37)/38 = −2/38 = −0.0526; with 37 pockets it is (35 − 36)/37 = −1/37 = −0.0270. Almost every other American bet has the same 5.26% edge.

Is expected value the most likely outcome?

No. It is a long-run average and may not be a possible result at all: a die's expected value is 3.5, which no roll shows. The scratch card's expected value is −1.5, but its most likely outcome is losing the full $5, which happens 80% of the time. In a skewed payoff like this, a few large prizes pull the average above the typical result.

Is the option with the highest expected value always the best choice?

Not always, because expected value ignores risk. A sure $50 and a 50% chance of $100 both have an expected value of 50, but standard deviations of 0 and 50. Insurance has a negative expected value for the buyer yet is rational when it removes a loss the buyer could not absorb. Expected utility theory (von Neumann and Morgenstern, 1944) formalizes this trade-off.

“Expected value calculator” किती अचूक आहे?

अचूकता तुमच्या इनपुटवर आणि पद्धतीच्या गृहीतकांवर अवलंबून असते. दशांश गणना 50 सार्थ अंक वापरते, पण अंदाज, संख्यात्मक पद्धती आणि मूळ डेटा कमी अचूक असू शकतात; दाखवलेल्या मूल्यांचे पूर्णांकन केल्याने या मर्यादा दूर होत नाहीत. स्वतंत्र स्रोतांतील सोडवलेल्या उदाहरणांशी पडताळणी: ४. उदाहरणार्थ, “$5 scratch card (defaults)” ची पडताळणी Hand calculation: −4 + 0.75 + 0.8 + 0.95 = −1.5; Σp(x − μ)² with Python fractions = 127.75 याच्याशी केली आहे.

या पद्धतीचा स्रोत कोणता?

Grinstead & Snell, Introduction to Probability (AMS), chapter 6 Expected value and variance; NIST/SEMATECH e-Handbook of Statistical Methods, §1.3.6.1 What is a probability distribution.

या कॅल्क्युलेटरबद्दल

E[X]=∑ixi pi,Var⁡(X)=∑i(xi−E[X])2 piE[X] = \sum_i x_i\,p_i,\qquad \operatorname{Var}(X) = \sum_i (x_i - E[X])^2\,p_i

स्रोत

  1. Grinstead & Snell, Introduction to Probability (AMS), chapter 6 Expected value and variance
  2. NIST/SEMATECH e-Handbook of Statistical Methods, §1.3.6.1 What is a probability distribution

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