How Many Monte-Carlo Simulations Are Needed to Adequately Process Interval Uncertainty: An Explanation of the Smart Electric Grid-Related Simulation Results

Authors

Afshin Gholamy, The University of Texas at El PasoFollow
Vladik Kreinovich, The University of Texas at El PasoFollow

Publication Date

1-2018

Comments

Technical Report: UTEP-CS-18-04

Published in Journal of Innovative Technology and Education, 2018, Vol. 5, No. 1, pp. 1-5.

Abstract

One of the possible ways of dealing with interval uncertainty is to use Monte-Carlo simulations. A recent study of using this technique for the analysis of different smart electric grid-related algorithms shows that we need approximately 500 simulations to compute the corresponding interval range with 5% accuracy. In this paper, we provide a theoretical explanation for these empirical results.