Monte Carlo simulation in Sawtooth

Question

Hi,

I'm wondering if there is a way to do a Monte Carlo sim in Sawtooth. Is the test design feature essentially just a Monte Carlo simulation with a uniform distribution of choice selections?

If not does anyone have any suggestions? I'm looking to test some different design types (custom ones etc.)

Thanks

Jasha

Answer 1

Jasha,

Simulation using the beta draws from HB will give you a distribution of likely outcomes that to my way of thinking is a good and proper Monte Carlo simulation (a simulation of probable outcomes using a distribution of uncertainty around the parameters).

Comments

Thanks Bryan I thought this might be the case. However are you referring to the final output betas that available after the HB process has finished iterating or are you referring to the random draws from which the point estimates are derived in which case I would  use the "save random draws" function?

Thanks

Jasha

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The "used" draws.  Not the average of the draws (point estimates).