Multilevel Monte Carlo method

The Multilevel Monte Carlo (MLMC) method is a computational technique used to efficiently estimate the expected value of a function that depends on random inputs, particularly in contexts where traditional Monte Carlo methods would be computationally expensive. It is especially useful in problems involving stochastic processes, finance, and engineering. ### Key Concepts of MLMC: 1. **Hierarchical Approaches**: The MLMC method operates on a hierarchy of increasingly accurate approximations of a stochastic quantity.