Hello
I'm currently using Monte Carlo techniques to estimate prices (variable not
static) from the following type of data:
1,22,40,22,33,5,2000
3,45,33,6,7,0,3000
22,22,33,44,55,66,70000
Each row is a record from group A and the cells in all but the last column are
the volumes of 'widgets' in the record. The last column is the cost of all the widgets
in the record. Any widget can have a different prices in each record but the price is
assumed to be normally distributed with a starting price and deviation.
The aim is to apply the estimated prices to eg an average record (in terms of
volumes of widgets per record) from group B and compare the cost of this average
record against the cost of an average record from group A.
I've used a Monte Carlo approach to estimate confidence intervals but thought
another view could be obtained by using tree() to split the records into two disparate
groups and run these two groups separately through the Monte Carlo model.
Is this feasible?
thanks
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