In general, monte carlo integration has affected a great variety of problems in areas from physics to finance, but has a variety of pros and cons. Though it's main pro is its simplicity, the con is that the speed of the integration can converge slowly.
In general, monte carlo integration has affected a great variety of problems in areas from physics to finance, but has a variety of pros and cons. Though it's main pro is its simplicity, the con is that the speed of the integration can converge slowly.