The Nylon Calculus 101 entry for what is expected value and what that means for examinations of shot selection.

Expected value is the anticipated value for an investment at some point in the future and is an important concept for investors seeking to balance risk with reward.

The expected value of a randomly decided process is found by taking all of the possible outcomes of the process, multiplying each outcome by its probability, and adding all of these numbers up.

We consider the value of information when the decision-maker is averse to risk, and identify a bound on the maximal amount that the decision-maker is willing to pay to completely reduce uncertainty.

This paper extends previous work on the distribution-free newsvendor problem, where only partial information about the demand distribution is available. More specifically, the analysis assumes that ...