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One of the emerging fields in academia is simulation and heuristics. In simulations, we use data (and computers) to demonstrate how a system would behave if some parameters changed.
A good example, how demand will change if the price goes up or down? How will decisions in a court case change if new evidence is introduced (remember moots). Heuristics come in handy when there is no data, when experience, rules of the thumb or trial and error are used to make decisions.
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