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Server Time: 9/7/2008 5:40:01 PM PACIFIC |
 What exactly is +EV and -EV, spawgan, 8. Sep 2003 17:42 | ||
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| I know I probably have just not come across it in my reading thus far, but I see the terms +EV and -EV in several posts. While I can from the context get a good idea what the terms mean, could someone give me a more precise definition so I can take more away from these posts I am reading referring to those plays. Thank you in advance. | ||
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| Re: What exactly is +EV and -EV, Big Frank, 8. Sep 2003 18:11 | ||
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| +EV and -EV means positive or negative expected value. Essentially, these terms are most often used to explain the statistical probability of a call, bet or raise either making money or losing money given the complete set of circumstances (hand, previous action, position etc) | ||
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| Re: What exactly is +EV and -EV, Bart Mann, 8. Sep 2003 18:21 | ||
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| EV or +EV stands for "Expected Value" or "Positive Expected Value." An easy illustration is this: if you place $2 on a bet that's a 50/50 shot, the "Expected Value" of the proposition is exactly $1 (.5 x $2 = $1). -EV stands for "Negative Expected Value." You reach negative expected value when the "Expected Value" or outcome of the proposition you are considering is below $0. Here's an easy example of "Negative Expected Value": Let's say that there's a 75% chance of losing $1, but a 25% chance of winning $1. The "Expected Value" of this proposition is a loss of 50 cents, as follows: (.75 x -$1) + (.25 x +$1) = -$.75 + $.25 = - $.50 Make sense? | ||
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| AM I GOOFED up?, WilliamS, 9. Sep 2003 07:02 | ||
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| on 8. Sep 2003 18:21 Bart Mann wrote: > EV or +EV stands for "Expected Value" or "Positive Expected Value." An easy > illustration is this: if you place $2 on a bet that's a 50/50 shot, the "Expected > Value" of the proposition is exactly $1 (.5 x $2 = $1). My question is how does this have a positive EV? Shouldn't it be zero, neither positive or negative since it is an even money bet? Will - | ||
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| Re: AM I GOOFED up?, Bart Mann, 9. Sep 2003 07:30 | ||
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| I see what you mean--I blew that one. That part should read: "If you place a bet that has a 50% chance of paying $2 and a 50% chance of paying $0, the Expected Value of the bet is $1 (.5 x 2 + .5 x 0)" Must have been sleepy yesterday. Nice catch. | ||
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| Re: AM I GOOFED up?, stdioh, 12. Sep 2003 09:10 | ||
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| No, the expected value of that bet is still $0. If you were to bet $2 and either win $4 or win $0 then your expected value is +$1. .5*-2 + .5*+4 = -1+2=1 | ||
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| Re: What exactly is +EV and -EV, stdioh, 9. Sep 2003 11:11 | ||
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| The simple answer: +EV the amount you expect to earn from every dollar you bet, in the long run. - EV the amount you expect to lose. For instance, if you flip a coin, your EV is zero. Half the time you win and half the time you lose. Flipping billions of coins you expect to average no gain or loss. | ||
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