I would say expected value is about how good something is in expectation. And “in expectation” means multiplied with its probability. For example, the “value” the sun shining tomorrow is 40, and its probability is 25%. So its “expected value” is 20. (This fits pretty well with Richard Jeffrey’s utility theory by the way.)
I would say expected value is about how good something is in expectation. And “in expectation” means multiplied with its probability. For example, the “value” the sun shining tomorrow is 40, and its probability is 25%. So its “expected value” is 20. (This fits pretty well with Richard Jeffrey’s utility theory by the way.)