Role of Random Numbers in Simulations of Economic Processes

Dominika Crnjac Milic and Ljiljanka Kvesic
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Dominika Crnjac Milic: Faculty of Electrical Engineering in Osijek
Ljiljanka Kvesic: University of Mostar, Bosnia and Hercegovina

Interdisciplinary Management Research, 2008, vol. 4, 562-570

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.

Keywords: random numbers; simulation; process; distribution; model. (search for similar items in EconPapers)
JEL-codes: C4 D2 D8 (search for similar items in EconPapers)
Date: 2008
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