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Choosing the Probability Distribution When No Data

In: Essentials of Monte Carlo Simulation

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  • Nick T. Thomopoulos

    (Illinois Institute of Technology, Stuart School of Business)

Abstract

Sometimes the analyst may need to develop a computer simulation model that includes one or more variables where no empirical or sample data is available. This is where he/she seeks opinions from one or more experts who give some estimates on the characteristics of the variable. The chapter pertains to these situations and shows some of the common ways to select the probability distribution and estimate the associated parameters.

Suggested Citation

  • Nick T. Thomopoulos, 2013. "Choosing the Probability Distribution When No Data," Springer Books, in: Essentials of Monte Carlo Simulation, edition 127, chapter 0, pages 137-145, Springer.
    • Handle: RePEc:spr:sprchp:978-1-4614-6022-0_11
    DOI: 10.1007/978-1-4614-6022-0_11
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