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
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
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