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Monte Carlo method |
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Monte Carlo methodStatistical method of approximating the solution of complex physical or mathematical systems. The method was adopted and improved by John von Neumann and Stanislaw Ulam for simulations of the atomic bomb during the Manhattan Project. Because the method is based on random chance, it was named after a gambling resort. Monte Carlo methodA technique that provides approximate solutions to problems expressed mathematically. Using random numbers and trial and error, it repeatedly calculates the equations to arrive at a solution. Many of the Monte Carlo methods and practices used to be referred to as rather generic "statistical sampling." Monte Carlo, of course, is a historical reference to the famous casino in Monaco. Monte Carlo method [′män·tē ′kär·lō ‚meth·əd] (statistics) A technique which obtains a probabilistic approximation to the solution of a problem by using statistical sampling techniques. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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We used stochastic simulation models to explore the effects of school closings, voluntary confinements of ill persons and their household contacts, and reductions in contacts among long-term care facility (LTCF) residents on pandemic-related illness and deaths. Stochastic simulation, however, clearly provides the most complete information about the expected pattern, amount and variability of life settlement cash flows. Because the procedure used to calibrate the stochastic simulations to the intermediate assumptions differs between the various models, the median projection results also differ. |
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