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EXPECTED MONETARY VALUE Definition & Legal Meaning

Law dictionary entry - legal definition of embargo

Definition & Citations:

Total of the weighted payoffs as predicted outcomes related to one decision. The weightings relate to the likelihood, expressed as probabilities, of varied events generating the possible payoff. Mathematically, this is the product of an event’s occurrence probability and the gain or loss that will result (payoff = probability times gain-loss). Refer to expected value.


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