How good is the RAND() function in Excel for Monte Carlo simulation?

Question

I\'m implementing a Monte Carlo simulation in 3 variables in Excel. I\'ve used the RAND() function to sample from Weibull distributions (with long tails). The functions appl

Answer 1

RAND() is quite random, but for Monte Carlo simulations, may be a little too random (unless your doing primality testing). Most Monte Carlo simulations just require pseudo-random and deterministic sequences. As part of the Excel Analysis ToolPak RANDBETWEEN() may be all you need for pseudo-random sequences.