Skip to Main Content
Frontiers of Risk Management, Volume I
book

Frontiers of Risk Management, Volume I

by Dennis Cox
July 2018
Intermediate to advanced content levelIntermediate to advanced
256 pages
6h 22m
English
Business Expert Press
Content preview from Frontiers of Risk Management, Volume I

CHAPTER 9

The Simple Art of Monte Carlo

Aaron Brown

Morgan Stanley

Introduction

Monte Carlo is a beautifully simple and counterintuitive idea: when a problem is too hard to solve rationally, do something random. It has application beyond applied mathematics. In the introduction to The Simple Art of Murder,1 Raymond Chandler explained the secret to keeping the plot moving in hard-boiled fiction, “[T]he demand was for constant action; if you stopped to think you were lost. When in doubt, have a man come through a door with a gun in his hand.” Thirty-three years later, the television show The A Team faced a similar problem. The show’s innovation was to have constant action sequences; there was no tolerance for thinking, investigating, or waiting. ...

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

Frontiers of Risk Management, Volume II

Frontiers of Risk Management, Volume II

Dennis Cox
Derivatives and Risk Management

Derivatives and Risk Management

Madhumathi Madhumathi, Ranganatham Ranganatham

Publisher Resources

ISBN: 9781947098473