

FlashChat  Actuarial Discussion  Preliminary Exams  CAS/SOA Exams  Cyberchat  Around the World  Suggestions 
Probability Old Exam P Forum 

Thread Tools  Search this Thread  Display Modes 
#1




calculating expected value
I have a question on how to calculate expected values when you have ranges so for eg.
probability less than 50 27% 50 69 14% 70 89 15% 90 or more 47% how do you calculate the expected value when you have ranges? do you use the midpoint for each range and multiply by the probability? Last edited by kn005; 10052018 at 11:28 AM.. 
#3




oops i'll change it. It was just a quick example. do you use the midpoint though?

#4




Also, how do i find the midpoint of 90 or more?

#5




I don't think you can estimate the mean with an open ended interval unless you assume a parametric distribution, estimate parameters, and then do a chi square test to test the fit of the model.

#6




Quote:
Quote:
What is the support of the underlying data? For example, are these test scoresso support on the interval [0, 100]? Or temperature (in degrees F) in Phoenix, AZso support on the interval [40, 110]? It is completely reasonable to use midpoints (absent all other information) since that is the implicit assumption of uniformdistribution within a given interval. 
Thread Tools  Search this Thread 
Display Modes  

