On the Edge: Statistics & Computing
3 Citations•2000•
D. Murdoch
CHANCE
Monte Carlo simulation methods are a very easy way to study randomness and generate simulations from your model that can be studied as though they were actual observations.
Abstract
Monte Carlo simulation methods are a veryeasywayto study randomness. Allyou need isa model incorporatingsome ran dom components, a computerwith software to generate ran dom values according to your model, and some time to simulate, and you can generate simulations from your model that can be studied as though they were actual observations. Averages, medians, modes, and any other statistics can be calculated to giveyou insight into the model. The term "Monte Carlo