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by ForEnglandJames
3993 days ago
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>1) Have one of the outputs be a box and whisker output showing the percentiles of ages the person will run out of money. This is essential, and I wish it hadn't been overlooked. The only power of stochastic modeling over deterministic modeling is in quantifying the likelihood of outcomes in the outcome space. Unfortunately, this requires either crazy stochastic math, or multiple computations (monte carlo methods). I suspect the op is a great guy and just hasn't been exposed to these ideas yet. When he does, he's going have that head-slapping moment we all have when we first encounter it. |
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