There is a quite favorable review of this calculator in today's Wall Street Journal (August 31, 2004 Page D2).It would appear to have all the weaknesses and limitations of any other monte carlo simulator, but I intend to play around with it and see if I find a good use for some of it's unique features.
Another thing that distinguishes the Retirement Probability Analyzer is the avoidance of Monte Carlo Simulations... Mr. Milevsky's calculator relies on partial differential equations, which he says are sophisticated enough to remove the need for Monte Carlo Simulations.
Another thing that distinguishes the Retirement Probability Analyzer is the avoidance of Monte Carlo Simulations... Mr. Milevsky's calculator relies on partial differential equations, which he says are sophisticated enough to remove the need for Monte Carlo Simulations.
Not trying to be critical, Guru, I just felt a factual correction may be in order, as both the Journal article and the FAQ included with the program imply that there may be concern about the validity of using Monte Carlo Scenarios for this purpose. If such concerns are valid, then stating that this model utilizes Monte Carlo Scenarios may be falsely prejudicial.
My own studies of mathematics are years in the past, so I don't have an opinion either way.![]()