Standard Article

Simulation and Monte Carlo Methods

Statistical and Numerical Computing

  1. Geir Storvik

Published Online: 15 SEP 2006

DOI: 10.1002/9780470057339.vas025

Encyclopedia of Environmetrics

Encyclopedia of Environmetrics

How to Cite

Storvik, G. 2006. Simulation and Monte Carlo Methods. Encyclopedia of Environmetrics. 5.

Author Information

  1. University of Oslo, Norway

Publication History

  1. Published Online: 15 SEP 2006

Abstract

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.