Tag: Monte Carlo Simulations


04 August 2019 / / Python / Monte Carlo Simulations / Roulette
Following on from my previous post surveying some of the concepts underpinning statistics and probability, I thought it might be interesting to apply some Monte Carlo simulations to Roulette, as a means of consolidating some of the topics covered. Suppose we have a friend, named Adam, who wants to visit a casino, in either Las Vegas or Monte Carlo this weekend. He intends to gamble but is equipped with nothing other than a burning hole in his wallet and a keen desire ‘to beat the house’.
10 July 2019 / / R / Monte Carlo Simulations
Today I will be using R to create Monte Carlo simulations as a means of exploring some of the ideas and concepts that underpin probability and statistics. This will provide us with an opportunity to brush up on these concepts as well as learn some of the basics of R. So, without further ado, let’s dive into the Law of Large Numbers and the Gamblers Fallacy. Law of Large Numbers and the Gamblers Fallacy