Monte Carlo Simulation

Definitions

Health Economics

  • A form of simulation used in cost-effectiveness and cost-utility analyses, in which repeated random numbers drawn from a given probability distribution stand for the values of uncertain variables. Confidence limits are placed on the most likely value after a large number of such simulations. Monte Carlo simulation is named after Monte Carlo, Monaco, where roulette wheels, dice, cards and slot machines replace the soberer games of economic modellers.

Electronics

  • synonymMonte Carlo method
    (written as Monte Carlo simulation)
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