What are some examples of Monte Carlo experiments that researchers have done that my clients might understand?
Someone published a book quite some time ago on optimal strategies for the board game Monopoly. Here is a perfect example of a pretty simple game which can’t be analyzed mathematically, you need to write a computer program which can generate plays of the game, with rules for decision making coded. And run competing strategy ideas 1000s of times and look at the results. The author showed that buying railroads is good, but buying the utilities is bad. Holding out for the most expensive properties and declining to buy the cheaper ones is also bad. If I recall correctly he showed that the green properties were also the best in some sense. So, not a very practical example, but easy to understand and explain.
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