In stochastic systems, quantiles indicate the level of system performance that can be delivered with a specified probability, while probabilities indicate the likelihood that a specified level of system performance can be achieved. We present new estimators for use in simulation experiments...

This article considers the construction of simulation designs for the ordinary least squares estimation of second-order metamodels. Two premises underlie the development of these experimental strategies. First it is assumed that the postulated metamodel may be misspecified due to the true model...

Stochastic simulation with antithetic variates is used to evaluate the bias of deterministic simulation in nonlinear econometric models. Application to the Klein-Goldberger model exemplifies the potentiality of the method.

Using common random numbers (CRN) in simulation experiment design is known to reduce the variance of estimators of differences in system performance. However, when more than two systems are compared, exact simultaneous statistical inference in conjunction with CRN is typically impossible. We...