The principle and application of Monte Carlo simulation in public health, finance, and physics

Diyang Zhang

doi:10.1117/12.2639443

17 May 2022 The principle and application of Monte Carlo simulation in public health, finance, and physics

Diyang Zhang

Proceedings Volume 12259, 2nd International Conference on Applied Mathematics, Modelling, and Intelligent Computing (CAMMIC 2022); 122591M (2022) https://doi.org/10.1117/12.2639443
Event: 2nd International Conference on Applied Mathematics, Modelling, and Intelligent Computing, 2022, Kunming, China

Abstract

The Monte Carlo Simulation is a widely adopted measure to solve for complicated results using repeated simulations. Its application has extended to a plethora of subjects and different variants of the method have been created. This article elaborates the key principles of Monte Carlo simulation and consults extensive sources to present some of its latest applications across scientific fields. Based on systematically reviewing previous scholars’ works, it is concluded that Monte Carlo simulation is efficient in simulation, estimation, and optimization but still has noticeable drawbacks like low speed of execution. These results shed light on tutorial of the Monte Carlo method as well as paving a path for future development.

Citation Download Citation

Diyang Zhang "The principle and application of Monte Carlo simulation in public health, finance, and physics", Proc. SPIE 12259, 2nd International Conference on Applied Mathematics, Modelling, and Intelligent Computing (CAMMIC 2022), 122591M (17 May 2022); https://doi.org/10.1117/12.2639443

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