Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom. Getty Images / Monty Rakusen Analysts can assess ...

We provide a generic Monte Carlo method to find the alternative of maximum expected utility in a decision analysis. We define an artificial distribution on the product space of alternatives and states ...

Tzveta Iordanova is an expert in credit and risk management, financial reporting, and a writer for online financial services platforms. Andy Smith is a Certified Financial Planner (CFP®), licensed ...

The following four new calculation schemes were implemented and validated through numerical experiments. A surface layer turbulence scheme using a new calculation formula that eliminates the ...

Scientists have used probability simulations to come to an estimate on the number of alien civilizations that might exist in our Milky Way galaxy, and the number they've arrived at is pretty specific: ...