Revolutionizing Statistical Models: Unlocking Complex Distributions with MCMC Simulation
Markov Chain Monte Carlo (MCMC) is a simulation technique that helps us draw from complex probability distributions. It makes it easier to work with difficult statistical models. Researchers have been studying MCMC for the past 20 years, focusing on both theory and practical applications. This article gives a basic overview of why we need MCMC and how it works, without diving too deep into the math behind it.