Definition of The Expected Value / Expected Values: The expected value of a random variable is the mean of its distribution.
In its technical use this word does not have exactly the same meaning as in ordinary English. For example, people buying a lottery ticket that has a 1/10,000 chance of paying $10,000 can expect to get zero since that is overwhelmingly the likely outcome. They can be certain they won't get $1. But the expected value of their winnings is $1.

Having said this, it is a standard implementation of 'rational expectations' to assume that agents behave in response to the expected values of the distributions they face. (Econterms)

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