The Substitution of Analytic for Simulation Algorithms: A Comment

An example problem that was initially analyzed by simulation and subsequently solved analytically is presented. It is argued that simulation algorithms are not necessarily preferable to analytic procedures even when problems contain apparently intractable features. Analytic solutions to simplified p...

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Bibliographic Details
Published in:American journal of agricultural economics 1973-05, Vol.55 (2), p.235-239
Main Authors: Candler, Wilfred, Cartwright, Wayne, Penn, J. B.
Format: Article
Language:English
Subjects:
Algorithms
Analytics
Capital costs
Computer software
Expected values
Heuristics
Integer programming
Integers
Mathematical tables
Short Articles and Notes
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Summary:An example problem that was initially analyzed by simulation and subsequently solved analytically is presented. It is argued that simulation algorithms are not necessarily preferable to analytic procedures even when problems contain apparently intractable features. Analytic solutions to simplified problems might prove useful even when a simulation algorithm is employed.
ISSN:0002-9092
1467-8276
DOI:10.2307/1238445