Why use simulation?
Simulation can save huge amounts of time and provides very accurate answers to our questions.
Statistical inference is often handled by asymptotic normal theory, which may provide formulas for the standard errors that allow us to construct confidence intervals around point estimates. For the simple case of the simple estimator of the arithmetic mean, we can immediately choose the formula 
for an observational vector x with n values, the arithmetic 
and s being the standard deviation of x. However, this formula to express the confidence ...
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