Randomized First Choice Simulations: Strengths, Weaknesses, and a New Refinement in SMRT v4.14
We’ve now had about eight years of experience working with the Randomized First Choice (RFC) simulation model. It’s the default method for market simulation within the SMRT platform. In general, it has worked well. But as might be expected, we’ve learned a few things: how to improve RFC, but also about some weaknesses.