Expected Value Explained Intuitively

The focus of this video is to try and understand how we can interact with a world FILLED with probabilistic situations. In particular, we’re going to learn about EXPECTED VALUE and how it can allow us to make much better predictions about future events. If you stick around, I’m going to quickly define expected value using a simple stylized example, then provide a bunch of practical examples of how expected value can be used in the real world, and, finally, work to help you take what you’ve learned, turn it into intuition, and apply it to other examples in your life.

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[Wassie]

This is how an educational contents should be made, insightful, fun and have a real life examples that we can apply. Well done, sir!

[ashutoshpanigrahy]

Finally, understood the utility of expected vals. Thanks!

[seymagulnihalyildiz]

wonderful, great, amazing thank you so much!!!!

[suheladesilva]

This is a brilliant video, thanks very much professor.

[kaelaruiz]

These are very digestible examples to describe expected value. Builds upon the examples I remember from undergrad that only touched on probability but didn’t go further in to explaining expected value. Thank you for your videos!

[ananyakumari]

It's a great insight when we can see things from real life perspective. I would love it if you could cover other topics of statistics as well, central limit theorem, distributions. It actually helps a lot when we are able to connect dots, and thank you for such an awesome video. Hope to learn more !!

[kemikuti]

Amazing video I love looking at things such as maths intuitively, you have a new subscriber!

[johncibula]

Great content. I’m very interested in learning more about expected value specifically as it pertains to gaming and making decisions in the financial markets. Any deep dive you’re willing to do on the subject would be greatly appreciated

[pt-yt]

Just found out about this channel through reddit on a math subreddit, very interesting information. I love the channel, I think it’s extremely informative! If possible, please make more videos involving math or applying math in real life examples and the importance of math. Math is always something that’s intrigued me my entire life and i’m always constantly searching online for explanations of math used in real life haha. The number one thing I hear from friends and family because I love math so much is: “why is math so important? how do you even use it in real life outside of school?” I can answer that question but only partially, i’m currently just a college student hungry for more information on all sorts of topics from math, science, philosophy, etc. haha

[nandersoul]

great video!

Probability as a concept is so inherently seductively falsely intuitive, like people go in thinking "Oh I know my odds" but its so easy to be led astray by a few up front false assumptions that our brains are evolutionarily hardwired to want to make because its been beneficial to just "wing it" with a quick glance for so long, but now that we face complex problems more often, that evolutionary benefit to back-of-the-napkin on the fly calculations is diminishing in real time. Day trading ain't counting coconuts but our monkey brain wants to use the same template.

(also, shout out to someone posting this to R/socialscience for bringing me here.)

[yosef]

I can consider the data demystified, haha. thank you!

[seeker]

could you please make a on all those topics you mentioned at the end please?? In fact a whole series on statistics would be great since there are many videos on statistics on youtube but none are as great as this.

[maooto]

Formula @ 3:57 appears not technically correct for converting odds to probability (albeit no tangible difference in result)

[kishansahu]

Can we have a playlist of statistics and probability?

[imranmagsi]

a bit fast for a bilingual to catch. btw nicely explained though!