Why the Monte Carlo method is so important today

  title={Why the Monte Carlo method is so important today},
  author={Dirk P. Kroese and T. Brereton and T. Taimre and Z. Botev},
  journal={Wiley Interdisciplinary Reviews: Computational Statistics},
Since the beginning of electronic computing, people have been interested in carrying out random experiments on a computer. Such Monte Carlo techniques are now an essential ingredient in many quantitative investigations. Why is the Monte Carlo method MCM so important today? This article explores the reasons why the MCM has evolved from a 'last resort' solution to a leading methodology that permeates much of contemporary science, finance, and engineering. WIREs Comput Stat 2014, 6:386-392. doi… Expand
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