Expectation
Expectation
1. In general, the act or state of looking forward to an event about to happen. The grounds on which something is believed to happen. A supposition, an anticipation, a reasonable hope, a probable occurrence.
2. A mathematical expectation is the value of any chance which depends upon some contingent event. Thus, if a person is to receive an amount of money upon the occurrence of an event which has an equal chance of happening or failing, the expectation is worth half that amount. The mathematical expectation of life is the average duration of life (of an individual or a group) after a given age, as determined by computation from the mortality tables.
3. The term actuarial expectation is used analogically by Lloyd Morgan to denote the qualitative probability of the emergence of a genuine or primary novelty. — T.G.