Achieving a Confidence Interval for Parameters Estimated by Simulation
AbstractThis paper presents a procedure for determining the number of simulation observations required to achieve a preassigned confidence interval for means estimated by simulation. This procedure, which is simple to implement and efficient to use, is compared with two other methods for determining the required sample size in a simulation run. The empirical results show that this procedure gives good results in the precision of estimated means and in sample size requirement.
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Bibliographic InfoArticle provided by INFORMS in its journal Management Science.
Volume (Year): 29 (1983)
Issue (Month): 7 (July)
simulation; output analysis; confidence interval;
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