Concept information
Preferred term
Monte Carlo methods
Definition
- Monte Carlo methods describe a set of computer simulation techniques that rely on random number generation to solve complex optimization and integration problems arising in statistics and its related fields. The term Monte Carlo is a reference to the probabilistic rules underlying casino games of chance, and though the theoretical underpinnings for their use emerged in the postwar period, it is the advent of inexpensive, modern computing that enabled their widespread adoption for practical problem solving. [Source: International Encyclopedia of Political Science; Monte Carlo Methods]
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URI
https://concepts.sagepub.com/social-science/concept/Monte_Carlo_methods
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