Eli5: What is the Monte Carlo method?
In: Mathematics
It’s used to solve a probability problem through simulation/experimentation.
Let’s say you wanted to find the odds of getting heads or tails when you flip a quarter. If you flip a quarter once you might think the odds of getting heads is 100%. If you flip the quarter 5 times you might think it’s a random number like 80% or 60% or 20%. Well if you flip the quarter 100 times you’ll get a number closer to 50%. Flip it 1000 times and even closer yet. Eventually you run the simulation/experiment enough times and you converge on the solution.
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