Role of Random Numbers in Simulations of Economic Processes

Various ways of selecting random numbers used in process simulations will be presented in this paper. Special attention will be given to complex phenomena not known enough to be precisely described. Modes of interaction are unknown; what is known are probabilities of interaction outcome. Such cases are found mostly in social and economic phenomena, such as population growth, economic predictions, decision-making risk analysis, etc.

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Year of publication:	2008
Authors:	Milic, Dominika Crnjac ; Kvesic, Ljiljanka
Published in:	Interdisciplinary Management Research. - Ekonomski Fakultet. - Vol. 4.2008, May, p. 562-570
Publisher:	Ekonomski Fakultet
Subject:	random numbers \| simulation \| process \| distribution \| model

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Classification:	C4 - Econometric and Statistical Methods: Special Topics ; D2 - Production and Organizations ; D8 - Information and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004999213