The Expected Value Is a Weighted Average of the Outcomes

question 54

True/False

The expected value is a weighted average of the outcomes multiplied by their probabilities.

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Definitions:

Illusory Correlation

A cognitive bias where people falsely perceive an association between two unrelated events or variables.

Random Assignment

A procedure in experimental designs that ensures each participant has an equal chance of being placed into any group, reducing biases.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution of data, often using the mean, median, or mode.

Average Scores

A statistical measure that represents the central or typical value in a set of data, calculated by dividing the sum of all values by the number of values.