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Lecture 6

# ECON 2209 Lecture 6: 3February_EconStats_Karagodsky Premium

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School
Boston College
Department
Economics
Course
ECON 2209
Professor
Karagodsky
Semester
Fall

Description
EconStatistics February 3 2017 1 Discrete Random Variables A random variable is a space or series of possible outcomes. For a fair coin it would be: x1= 0 TailsP1= :5 X = x HeadsP = :5 2 2 P(X = X )1: The probability that the random variable is equal to this specic outcome Discrete: The outcomes are one or the other but not in between. 2 Example Xi P(X = X i P(X X )i 1 .3 .3 2 .25 .55 3 .2 .75 4 .25 1.0 Total: 1.0 2.1 Expected value (or mean) of a discrete random var. k X E[x] = = P(X = x iX i i=1 ex: Years at BC, Compute expected value of X: E[x] = :3 1 + :25 2 + :2 3 + :25 4 = 2:4 1
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