Monte Carlo methods (or Monte Carlo experiments) are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results. They are often used in physical and mathematical problems and are most useful when it is difficult or impossible to use other mathematical methods. 1,004 more words

## Tags » Von Neumann

#### What do we mean by "risk"?

JDN 2457118 EDT 20:50.

In an earlier post I talked about how, empirically, expected utility theory can’t explain the fact that we buy both insurance and lottery tickets, and how, normatively it really doesn’t make a lot of sense to buy lottery tickets precisely because of what expected utility theory says about them. 1,579 more words

#### John von Neumann and the fly

The story was that John von Neumann was asked about the following problem :

- 2 bikes are headed toward each other at the same speed 60 km/h, they are separated each other by 2 kilometers. 239 more words

#### Von Neumann

It was the anniversary ofÂ John von Neumann’s death last Sunday. If I had an intellectual hero it would be von Neumann; he basically was an expert in… 1,135 more words

#### The Genius among the Cyberneticians; 12-Feb-2015

I remember pouring over the first few pages of A Short History of Nearly Everything by Bill Bryson and thinking how science would become so interesting to study if we added the real stories behind discoveries, inventions, discoverers and inventors. 63 more words

#### Unfair Coin Tossing

Suppose you want a fair coin, one that yields heads and tails with equal probability, but only have a bizarre coin that yields a side more often than the other. 400 more words

#### Times op-ed: What Is To Be Done? An answer to Dean Acheson's famous quip

On Tuesday 2 December, the Times ran an op-ed by me you can see HERE. It got cut slightly for space. Below is the original version that makes a few other points. 1,591 more words