The Monte Carlo Method was thought up by mathematician Stanislaw Ulam, who was playing solitaire on his hospital bed while recovering from a surgery, and named it after his uncle, who had gone gambling to Monte Carlo.
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If you've worked in science, engineering and economics, chances are you've used or heard of the Monte Carlo Method. It's a very useful computational algorithm that uses random numbers and probability statistics to examine a problem. But why was it named that way?
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