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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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