MAS 2012 Proceeding

Monte Carlo simulation - the bank account selection in the Czech Republic according to the bank charges

Authors:   Martina Kuncova, Lenka Lizalova


Simulation methods belong to the suitable instruments that can be used in the real world situations to better understand the reality or to make a responsible decision. Monte Carlo simulation is a method for iteratively evaluating a deterministic model using sets of random numbers as inputs. This method is often used when the model is complex, nonlinear, or involves more than just a couple of uncertain parameters. As in the Czech Republic the situation with the selection of the appropriate bank account is complicated (because of the non-transparent bank charges), we have created a simulation model to find the best account for 3 different types of retail clients. We compare our results with the solution obtained from MS Excel, Crystal Ball and the multi-criteria evaluation of alternatives model.

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