Although this topic has been discussed on the thread numerous times, I have yet to read a convincing argument for why the mean is favoured over the median as a measure of central tendency. This is particularly prevalent in financial economics and for decision making under uncertainty, where the expected value and the expectations operator are widely used.
Is it due to efficiency? Does the mean have favourable properties? Or is it perhaps just used for computational convenience?
I may be mixing several things up, in asking this question, so if you could clarify any misunderstandings, I would be very grateful.