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Role of Random Numbers in Simulations of Economic Processes

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Author Info
Dominika Crnjac Milic (Faculty of Electrical Engineering in Osijek)
Ljiljanka Kvesic (University of Mostar, Bosnia and Hercegovina)
Abstract

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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File URL: http://www.efos.hr/repec/osi/journl/PDF/InterdisciplinaryManagementResearchIV/IMR4a33.pdf
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Publisher Info
Article provided by Faculty of Economics in Osijek, Croatia in its journal Interdisciplinary Management Research.

Volume (Year): 4 (2008)
Issue (Month): (May)
Pages: 562-570
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:osi:journl:v:4:y:2008:p:562-570

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Related research
Keywords: random numbers; simulation; process; distribution; model.;

Find related papers by JEL classification:
C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
D2 - Microeconomics - - Production and Organizations
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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This page was last updated on 2009-12-15.

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