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Unformatted text preview: DSAP, NUS, Semester 1, 2008/2009 – 146 L ONG-R UN A VERAGE : if we observe the random variable X many times, the average of the x values obtained will be close to E[ X ] . C ENTRE OF M ASS : when there is a particle of mass p X ( x ) at each location x . B ETTING P RICE : E[ X ] is the fair ticket price for a game where the player wins amount x with probability p X ( x ) . Note that the last two interpretations mainly apply to discrete random variables. N OTE : The expected value of a discrete random variable is not necessarily the most likely value. It may not even be a possible value....
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- Spring '08