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English definition of “expected value”

expected value

noun [U]    
ECONOMICS, FINANCE the probable value of something, calculated as the total of all possible values multiplied by the degree of possibility that each will happen : In a lottery , people are willing to pay far more than the expected value of their winnings for the remote chance that they might hit the jackpot .
(Definition of expected value noun from the Cambridge Business English Dictionary © Cambridge University Press)
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