We provide a generic Monte Carlo method to find the alternative of maximum expected utility in a decision analysis. We define an artificial distribution on the product space of alternatives and states ...

ABSTRACT There is randomness in both the applied loads and the strength of systems. Therefore, to account for the uncertainty, the safety of the system must be quantified using its reliability. Monte ...

The following four new calculation schemes were implemented and validated through numerical experiments. A surface layer turbulence scheme using a new calculation formula that eliminates the ...

Most likely range for 3-month bill yields in 10 years remained in the 0% to 1% range. The probability of being in this range ...

Co-workers do some armchair theorizing on statistics. By John Hodgman Joseph writes: A co-worker told me that there is a 50-50 chance we are living in a computer simulation. I agree, because ...

Scientists have used probability simulations to come to an estimate on the number of alien civilizations that might exist in our Milky Way galaxy, and the number they've arrived at is pretty specific: ...