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Tag Archives: Jensen’s Inequality

Friend, my central point…

But the average of the function is as follows. Take the square of every payoff, 1^2+2^2+3^2+4^2+5^2+6^2 divided by 6, that is the average square payoff, and you get 15.67. So, since squaring is a convex function, the average of a square payoff is higher than the square of the average payoff. The difference, here between […]