My Math Forum  

Go Back   My Math Forum > College Math Forum > Advanced Statistics

Advanced Statistics Advanced Probability and Statistics Math Forum


Reply
 
LinkBack Thread Tools Display Modes
January 14th, 2009, 07:03 AM   #1
Member
 
Joined: Sep 2007

Posts: 77
Thanks: 0

Expected Payment problem

A comprehensive auto insurance policy covers the damages to the automobile it insures and other vehicles involved in the accident. Suppose that X is the payment made to other parties and Y is the amount paid to the insured automobile. It is given that X and Y have a continuous joint probability density function as follows:

fXY(x,y) = (3/2)y^2 for 0<=x<=2 and 0<=y<=1
and 0 otherwise

Compute the expected payment to the policy holder involved in a car accident.


Would this be E(X+Y)?
E(X+Y)=E(X)+E(Y)?
I think I would take the integral (with the limits given) but I'm just getting really confused... It's not working out with the x's and y's. If someone can help me get started that would be great!
Jamers328 is offline  
 
January 26th, 2009, 07:40 PM   #2
Newbie
 
Joined: Jan 2009
From: Baton Rouge, LA

Posts: 10
Thanks: 0

Re: Expected Payment problem

Actually, what we are looking for is E[Y]. Thus all you need to do is find the marginal distribution of Y (by integrating the density function over all possible values for x), and then calculate the following integral:

shaggymoods is offline  
Reply

  My Math Forum > College Math Forum > Advanced Statistics

Tags
expected, payment, problem



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
APR with fee payment JMATH17 Economics 12 January 23rd, 2013 05:18 PM
Expected value problem tnutty Algebra 1 February 5th, 2011 09:49 PM
Expected Value Problem himanshubahmani Advanced Statistics 0 July 7th, 2010 03:45 AM
how to get the expected value in this problem? aodeng Algebra 2 November 2nd, 2007 07:29 AM
expected value problem about rolling a die aptx4869 Advanced Statistics 11 June 4th, 2007 11:10 PM





Copyright © 2019 My Math Forum. All rights reserved.