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    What is the difference between mean and expected value.

    What is the difference between mean and expected value. If they are anyhow different is there any example where the value of the two are different.

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    Re: What is the difference between mean and expected value.

    Arithmetic mean is simple average of numbers not weighted by anything. However in Expected Value, the numbers are weighted by their probability
    " It is so simple to be happy,
    but it is so difficult to be simple"



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    Re: What is the difference between mean and expected value.

    Suppose the data set is {1,2,2,3,3,3,4,4,5}. Here the mean is 3. One will calculate EV by (1/9)*1+(2/9)*2+(3/9)*3+(2/9)*4+(1/9)*5. Here again answer is 3. Actually when we multiply by weight we get our data back and we essentially do the same thing. So I again ask is there any difference between the two. can you give an example in your support.



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    Re: What is the difference between mean and expected value.

    Assume you have the following: two, 1's; ten, 2's; and one, 100. The mean is 61 (edit: 9.4), but the most likely number is 2.

    There are all sorts of distributions besides the "normal" distribution. Two common ones seen in biological sciences are the geometric (e.g., 1,2,4,8,16...)(See:Geometric mean - Wikipedia, the free encyclopedia) and log-normal (Log-normal distribution - Wikipedia, the free encyclopedia).

    The "median" is useful a parameter for evaluating distributions where the arithmetic average is not the most likely.

    John
    Last edited by jpanhalt; 30th May 2011 at 12:23. Reason: corrected math



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    Re: What is the difference between mean and expected value.

    @jpanhalt . These things I know. I am asking about. What is the difference between mean and expected value. If there is any? Also in your example mean is 9.3
    Last edited by anand_jha_30; 30th May 2011 at 12:20.



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    Re: What is the difference between mean and expected value.

    If you do an experiment, the expected value is given by the average of all the possible values weighted by their probability. The mean instead is the actual mean value you have after N runs. Statistically:

    Average --> Expected Value for N --> infinite.

    Of course if you calculate the expected value and the mean on a finite set of value the two calculation will give the same result.


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    Re: What is the difference between mean and expected value.

    Statistically, in probability theory, statistical average means expected value.

    Expected value for "first moment" is the "mean" and it is still possible to have expected value for "second moment", "third moment", up to the "Nth moment".

    Therefore,

    Expected value for first moment = mean

    Expected value for second moment is not equal to mean

    Expected value for third moment is not equal to mean

    Expected value for Nth moment is not equal to mean
    Last edited by Phummy; 30th June 2011 at 11:06.


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    Re: What is the difference between mean and expected value.

    Dear Guys,

    Please, don't generate confusion for a simple question!
    Several of the above answers are completely wrong. Some other go out of the subject.
    In probability theory (it is obvious that the question is telling about it), mean and expected value are the same thing.
    Please, check your answers before give them.
    Regards

    Z



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    Re: What is the difference between mean and expected value.

    Please, have a look to:
    SticiGui: Online Text
    go to chapter 18 - The expected value.
    We are speaking about a sequence generated by multiple independent experiments, so the mean is not the same thing of the expected value.


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    Re: What is the difference between mean and expected value.

    Quote Originally Posted by albbg View Post
    We are speaking about a sequence generated by multiple independent experiments, so the mean is not the same thing of the expected value.
    If you calculate the average of a sequence generated by multiple independent experiments, that is called sample mean.
    The "expectad value", "statistical average" or simply "mean" of a random variable is related to its distribution, not to an experiment.
    Given a composite experiment, the above-mentionned sample mean is itself a random variable. Instead, the mean is a number.
    Regards

    Z



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    Re: What is the difference between mean and expected value.

    Hm kinda tricky question.



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