Monte Carlo Simulation

Resources:

• https://www.youtube.com/watch?v=r7cn3WS5x9c

Algorithms that use repeated random sampling.

Monte Carlo: random

How does the randomness in data generation impact the randomness of the paramaeter calculation.

Simulation study:

1. FIGURE OUT A WAY TO APPROXIMATE A PROCESS WITH A RANDOM NUMBER GENERATOR
2. GENERATE THE DATA AND CALCULATE A VALUE OF INTEREST(I.E.MEAN, BIAS, COVERAGE)
3. REPEAT STEPS 1& 2 MANY TIMES TO LEARN ABOUT THE UNCERTAINTY IN THIS VALUE

Simulation studies: