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Let Y and X be two random variables and let E(Y/X) conditional expectation function
Let Y and X be two random variables and let E(Y/X) conditional expectation function. Which of the following is true for the law of iterated expectations?
I. The law says that if we take the expectation over all the values that we first condition on, we obtain the unconditional expectation.
II .E[E[Y/X]]=E(Y)
III. E(Y) is the probability weighted average of all the conditional means of Y given X.
Select one.
a. None of the options
b. I, II, III
c. I, II
d. I
e. II, III
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