Expected Value (i.e., Mean) of a Discrete Random Variable Knowing the expected value is not the only important characteristic one may want to know about a. As we will see, the expected value of Y Y given X X is the function of X X that .. Two random variables that are equal with probability 1 are said to be equivalent. By calculating expected values, investors can choose the scenario that is most Scenario analysis is one technique for calculating the EV of an investment. Computing expectations by conditioning". The Pareto distribution is studied in wilder westen spiele in the chapter on Special Distributions. Discrete uniform distributions are widely used in combinatorial probability, and model a point chosen at random from a finite set. Run the simulation times and note the agreement between the sample mean and the distribution mean. Note how these measures of center are ordered: More specifically, X will be the number of pips showing on the top face of the die after the toss.