Monte Carlo Simulation — a practical guide

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Monte Carlo Simulation — a practical guide

A versatile method for parameters estimation. Exemplary implementation in Python programming language.

Monte Carlo Simulation (or Method) is a probabilistic numerical technique used to estimate the outcome of a given, uncertain (stochastic) process. This means it’s a method for simulating events that cannot be modelled implicitly. This is usually a case when we have a random variables in our processes.

In this article, I give …

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