Local hidden variable models for entangled quantum states using finite shared randomness

The statistics of local measurements performed on certain entangled states can be reproduced using a local hidden variable (LHV) model. While all known models make use of an infinite amount of shared randomness---the physical relevance of which is questionable---we show that essentially all entangled states admitting a LHV model can be simulated with finite shared randomness. Our most economical model simulates noisy two-qubit Werner states using only 3.58 bits of shared randomness. We also discuss the case of POVMs, and the simulation of nonlocal states with finite shared randomness and finite communication. Our work represents a first step towards quantifying the cost of LHV models for entangled quantum states.