Monte Carlo and Sampling Bias

There are many types of statistical analysis. Monte Carlo Simulation was first used in the development of the atomic bomb, and now is used in many physical and conceptual situations.

Monte Carlo simulation furnishes the decision-maker with a range of possible outcomes and the probabilities they will occur for any choice of action.. It shows the extreme possibilities—the outcomes of going for broke and for the most conservative decision—along with all possible consequences for middle-of-the-road decisions.

Sampling Bias can be due to several conditions, for example: self-selection, under-coverage, and survivorship.

SMBC has something to say about this.

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