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.
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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