Simulation and Monte Carlo Methods
Statistical and Numerical Computing
Published Online: 15 SEP 2006
Copyright © 2002 John Wiley & Sons, Ltd
Encyclopedia of Environmetrics
How to Cite
Storvik, G. 2006. Simulation and Monte Carlo Methods. Encyclopedia of Environmetrics. 5.
- Published Online: 15 SEP 2006
Simulation involves using a model to produce results. The growing power of computers and the evolving simulation methodology have led to the recognition of computation as a third approach for advancing the natural sciences, together with theory and traditional experimentation. Many applications of simulation are based on purely deterministic models. If the model contains a stochastic element, we have stochastic simulation, which will be the issue in this article. Stochastic simulation is often called Monte Carlo sampling, especially in engineering and physics literature.