I would like to use a Monte Carlo simulation to calculate base rates of abnormally low scores in cognitive testing. While this has been shown to be possible using the intercorrelations between the tests (Crawford et al., 2007) more recent research has indicated that factors such as IQ and years of education exert a significant influence base rate estimates (e.g. Karr et al., 2017). Is it possible to run Monte Carlo simulations while also adjusting for covariates of these types?
You can simulate whichever mathematical model by Monte Carlo Method with correlated inner quantities just transforming those random samples by Cholesky reduction and then resimulating the model.
Or perhaps use a software that could make that for you. Perhaps MCM Alchimia freeware at www.mcm-alchimia.com
Many thanks Pablo, I wasn't aware of MCM Alchimia but will definitely check it out.
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