Choosing the Probability Distribution When No Data

Nick T. Thomopoulos
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Nick T. Thomopoulos: Illinois Institute of Technology, Stuart School of Business

Chapter Chapter 11 in Essentials of Monte Carlo Simulation, 2013, pp 137-145 from Springer

Abstract: 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.

Keywords: Chapter Pertains; Simulation Analyst; Unknown Shape Parameter; Triangular Variation; Suppose Expert (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4614-6022-0_11

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DOI: 10.1007/978-1-4614-6022-0_11

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