2018The New Palgrave Dictionary of EconomicsRequires access

Mean Value

Chew Soo Hong

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Abstract

What is mean value? Conventional wisdom tells us that it represents, typifies or in some way measures the central tendency of a distribution. Familiar examples of mean value include the median, mode, arithmetic mean, geometric mean, harmonic mean and root-mean-square or more generally the r th root of the r th moment of a positive random variable.

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What is mean value? Conventional wisdom tells us that it represents, typifies or in some way measures the central tendency of a distribution. Familiar examples of mean value include the median, mode, arithmetic mean, geometric mean, harmonic mean and root-mean-square or more generally the r th root of the r th moment of a positive random variable.

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Available abstract

What is mean value? Conventional wisdom tells us that it represents, typifies or in some way measures the central tendency of a distribution. Familiar examples of mean value include the median, mode, arithmetic mean, geometric mean, harmonic mean and root-mean-square or more generally the r th root of the r th moment of a positive random variable.

Key concepts: Harmonic mean, Root mean square, Mean value, Mathematics, Geometric mean, Statistics, Value (mathematics), Square root

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