Why the Monte Carlo method is so important today

Since the beginning of electronic computing, people have been interested in carrying out random experiments on a computer. Such Monte Carlo techniques are now an essential ingredient in many quantitative investigations. Why is the Monte Carlo method (MCM) so important today? This article explores the reasons why the MCM has evolved from a 'last resort' solution to a leading methodology that permeates much of contemporary science, finance, and engineering. (C) 2014 Wiley Periodicals, Inc.