Expected Value Explained Intuitively
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- Опубликовано: 21 авг 2024
- 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.
Learn more about who I am and why I'm doing this here: • Data Demystified - Who...
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This is how an educational contents should be made, insightful, fun and have a real life examples that we can apply. Well done, sir!
Thanks so much for your comment! I'm really glad you found the content useful!
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!
So glad you found this useful!
Finally, understood the utility of expected vals. Thanks!
This is a brilliant video, thanks very much professor.
loved it! thank you!
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 !!
Thanks! I absolutely plan to make some videos on the content you suggested. Need to first figure out the best way to make those key connections you mentioned and do so in a visual format. Thanks again
Best explanation i’ve seen.
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.)
Thanks for the comment! Intuition got statistics is really not easy...that’s what I hope to get across in these videos for sure.
wonderful, great, amazing content!!!!!!! thank you so much!!!!
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
So glad you found this video useful!
Very nice
best video for me yet!
Amazing video I love looking at things such as maths intuitively, you have a new subscriber!
Thanks and welcome!
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
Thank you sir, well explained
I can consider the data demystified, haha. thank you!
Ha! Thanks!
you got a new subscriber bro
Thanks man!
You’re welcome!
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.
Thank you for the compliment! I suggest you check out the "Data Intuition" playlist on my channel. I cover a lot of topics in statistics that you might find interesting. Link here: ruclips.net/p/PLmXNcJ-VjBYrySRGXmkJMHpw6O4E--XxC
@@DataDemystified Thank you. I did see the playlist. Its awesome. One suggestion: Please include a little math/formula and explain it a little. I know your videos are about developing an intuitive understanding which is very important but a little math wont hurt I guess. Also could you please make more videos on basics of statistics like binomial distribution, Poisson distribution etc.
A balance between intuitive explanation and math would be unlike any other.
Kudos to the great work you have been doing!
@@seeker4430 Thanks for the feedback! I'll definitely take it into consideration for future videos!
Formula @ 3:57 appears not technically correct for converting odds to probability (albeit no tangible difference in result)
Can we have a playlist of statistics and probability?
Anything in particular you want in that playlist?
@@DataDemystified yesss..Random variables plzz
a bit fast for a bilingual to catch. btw nicely explained though!
Thanks. Sorry if it’s too fast. You can always play it at .75x speed. Best!