Which of the Following Best Explains the Idea of the Expected

Multiple Choice

Which of the following best explains the idea of the expected value of the consequences of a risky action?

A) The unweighted average of the value of each possible outcome, counting each outcome as equally likely.
B) The weighted average of the value of each possible outcome, where each value is weighted by the probability of the outcome occurring.
C) The value of the outcome that is most likely to occur, based on objective probabilities.
D) The average of the value of the outcome that you expect to occur.