IDEAS home Printed from https://ideas.repec.org/a/eee/jomega/v6y1978i1p25-31.html
   My bibliography  Save this article

Step-through simulation

Author

Listed:
  • Ulvila, Jacob W
  • Brown, Rex V

Abstract

This report describes the initial development of the Step-Through variant of Monte Carlo simulation, a new procedure for implementing decision analysis or for training decision makers. Like regular Monte Carlo simulation, it involves sampling possible aftermaths of an initial action, and generating a distribution of outcome values for it. However, the detailed structure and/or assessments of the decision model are elicited as called for in the execution of each trial. It, therefore, permits substantial economy of elicitation if there are few trials. The Step-Through procedure also offers economy of elicitation and calculation over a traditional extensive tree decision-analytic model without requiring simplifications or aggregations in the model's conceptualization. In addition to describing this procedure, this paper presents the results of a preliminary test and evaluation of its viability.

Suggested Citation

  • Ulvila, Jacob W & Brown, Rex V, 1978. "Step-through simulation," Omega, Elsevier, vol. 6(1), pages 25-31.
  • Handle: RePEc:eee:jomega:v:6:y:1978:i:1:p:25-31
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/0305-0483(78)90035-X
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jomega:v:6:y:1978:i:1:p:25-31. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/375/description#description .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.