Practical Guidance for Using Monte Carlo Simulations

Carolin Strobl Co-Author
Universität Zürich
 
Richard Feinberg First Author
National Board of Medical Examiners
 
Richard Feinberg Presenting Author
National Board of Medical Examiners
 
Wednesday, Aug 6: 3:35 PM - 3:50 PM
1111 
Contributed Papers 
Music City Center 
Monte Carlo simulations have become an indispensable tool across diverse fields of research, addressing challenges such as incomplete data, small sample sizes, and ethically complex questions. Originating in the late 19th and early 20th centuries, simulations have driven groundbreaking advancements, from improving the quality of beer (arguably the first simulation by Student, 1908) to modeling nuclear warfare (von Neumann & Ulam, 1949). Today, their applications span a wide range of domains, including financial risk analysis (Benhamed & Gassouma, 2023), population genetics (Griffiths & Tavaré, 1996), and pandemic modeling (Amaro & Orce, 2022).

In this session, we will briefly explore the evolution of Monte Carlo applications and provide practical guidance on designing, conducting, and evaluating simulations. Our intent is to help attendees think through realistic considerations for their own research, such as what research questions are a good fit for this methodology, how to determine an appropriate number of replications, and how to summarize and communicate results. This presentation is based on an upcoming chapter on Monte Carlo simulations.

Keywords

Monte Carlo

Simulations 

Main Sponsor

Section on Statistics and Data Science Education