How many Monte-Carlo simulations are needed to adequately process interval uncertainty: an explanation of the smart electric grid-related simulation results

Abstract

One of the possible ways of dealing with interval uncertainty is to use Monte-Carlo simulations. A recent study of using this technique for the analysis of different smart electric grid-related algorithms shows that we need approximately 500 simulations to compute the corresponding interval range with 5% accuracy. In this paper, we provide a theoretical explanation for these empirical results.