Monte Carlo method This is a kind of "experimental statistics".In other branches of science,for example physics,the relationship between theory and experiment can be depicted in this way: Equipment, Experimental Theoretical Observation Physics Physics In statistics,theory developed from simple observations in card and dice games in the 17th century and later.The fully-fledged"experimental"approach,now known as Monte Carlo and thus acknowledging the origins of statistics in gambling,had to await the development of fast personal computers and random-number generators: Gambling: Cards,Dice Then Experimental Theoretical Very recent Statistics Statistics Random- Monte- Fast PCs number Carlo generators methodsTheoretical Physics Experimental Physics Equipment, Observation Gambling: Cards, Dice Fast PCs Random￾number generators Monte￾Carlo methods Experimental Statistics Theoretical Statistics Then Very recent Monte Carlo method This is a kind of “experimental statistics”. In other branches of science, for example physics, the relationship between theory and experiment can be depicted in this way: In statistics, theory developed from simple observations in card and dice games in the 17th century and later. The fully-fledged “experimental” approach, now known as Monte Carlo and thus acknowledging the origins of statistics in gambling, had to await the development of fast personal computers and random-number generators: