L14 Expected Value

Expected Values & The Law of Large Numbers

This lecture introduces the concept of the expected value and the law of large numbers which shows convergence to theoretical expected values of observed averages.

Link to videotaped version of the lecture is HERE

The chapter refers to Central Limit Theorem which has not been introduced. That would be the subject of the next lecture and would require use of De Moivres Theorem, since will plan to use BINOMIAL approximation rather than NORMAL approximation -- Binomial is normal for large n.