Where the payoff to the player in a game is dependent on chance outcomes, the emv is the average gain the player would achieve per game in the long run. It is calculated as the sum of: each payoff multiplied by the probability of that payoff.
For example:
Showing possible payoffs and chances
The emv is 3 × 0.2+0 × 0.3+(−1) × 0.5 = 0.1 as written in the circle.
- begging the question
- Begin, Menachem (1913–92)
- behaviour
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- behavioural economics
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- Behring, Emil Adolf von
- Behring, Emil Adolph von (1854–1917)
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- being
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- Beit, Sir Alfred (1853–1906)