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Role of Random Numbers in Simulations of Economic Processes

Author

Listed:
  • Dominika Crnjac Milic

    (Faculty of Electrical Engineering in Osijek)

  • Ljiljanka Kvesic

    (University of Mostar, Bosnia and Hercegovina)

Abstract

Various ways of selecting random numbers used in process simulations will be presented in this paper. Special attention will be given to complex phenomena not known enough to be precisely described. Modes of interaction are unknown; what is known are probabilities of interaction outcome. Such cases are found mostly in social and economic phenomena, such as population growth, economic predictions, decision-making risk analysis, etc.

Suggested Citation

  • Dominika Crnjac Milic & Ljiljanka Kvesic, 2008. "Role of Random Numbers in Simulations of Economic Processes," Interdisciplinary Management Research, Josip Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, vol. 4, pages 562-570, May.
    • Handle: RePEc:osi:journl:v:4:y:2008:p:562-570
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    More about this item

    Keywords

    random numbers; simulation; process; distribution; model.;
    All these keywords.

    JEL classification:

    • C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
    • D2 - Microeconomics - - Production and Organizations
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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