How to Use a Monte Carlo Study to Decide on Sample Size and Determine Power

Abstract

A common question asked by researchers is, “What sample size do I need for my study?” Over the years, several rules of thumb have been proposed. In reality there is no rule of thumb that applies to all situations. The sample size needed fora study depends on many factors including the size of the model, distribution of the variables, amount of missing data, reliability of the variables, and strength of the relationships among the variables. The purpose of this paper is to demonstrate how substantive researchers can use a Monte