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Probability & Prediction
/The Strange Math That Predicts (Almost) Anything
/The Monte Carlo Method

The Monte Carlo Method

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The Monte Carlo Method

Now, Ulam's uncle was a gambler, and the random sampling and high stakes reminded Ulam of the Monte Carlo Casino in Monaco, and the name stuck. The Monte Carlo method was born. The method was so successful that it didn't stay secret for long. By the end of 1948, scientists at another lab, Argonne, in Chicago, used it to study nuclear reactor designs, and from there, the idea spread quickly. Ulam later remarked, "It is still an unending source of surprise for me to see how a few scribbles on a blackboard could change the course of human affairs." And it wouldn't be the last time Markov chain based method changed the course of human affairs.