Is there a way to simulate data with just median and minimum amount of a dataset?

[Gotham]

Hi everyone,

I am a university student and my uni uses a bidding system for us to select our modules for each sem. We are allocated e$ to pay for the professor and timing we want. Popular professors usually have a higher bid while non-famous ones has a lower bid. However, e$ are always limited. Therefore, all students usually aim to get the minimum bid so they can save up their e$ - the remaining of which can be carried forward to the next sem. I am trying to make a spreadsheet that can estimate the minimum bid for me. But the data the school provides us regarding past bidding results are very limited. It contains information such as Median, minimum bid, number of open slots etc.

The first solution that came to my mind is monte carlo simulation but couldn't comprehend on how to implement it. I would appreciate any help from this community!

Feel free to ask me if i was unclear about anything.

Thank you!!

 

[rlv01]

Google "excel monte carlo simulation" and you will get a lot of results, including some tutorials.

 

[Gotham]

Hi rlv01,

But most Monte-carlo simulation techniques requires the mean to simulate the distribution. I am wondering if there is a way to simulate distribution with just the median and minimum ?