Dergiler / International Journal of Economics and Financial Issues / 2012 / Cilt: 2 Sayı: 3

Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model

Sayfa
312–319
Yayın Tarihi
2012-09-01
DOI
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

We showed that the proposed Grey-Markov model can improve the forecast accuracy of original Grey forecast model.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:Grey theory is about systematic analysis of limited information.
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Temel Bulgular & Veri:The average errors of Energy Information Administrations predictions for world oil price and domestic crude oil production from 1982 to 2007 and from 1985 to 2008 respectively were used as two forecasted examples.
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Sonuç & Katkı:We showed that the proposed Grey-Markov model can improve the forecast accuracy of original Grey forecast model.
🔬Tür:Modelleme & Sayısal Simülasyon
📍Kapsam:2007 Verileri
⚙️Değişkenler:Grey theory · Grey Markov model · EIA

Abstract

Grey theory is about systematic analysis of limited information. The Grey-Markov model can improve the accuracy of forecast range in the random fluctuating data sequence. In this paper, we employed this model in energy system. The average errors of Energy Information Administrations predictions for world oil price and domestic crude oil production from 1982 to 2007 and from 1985 to 2008 respectively were used as two forecasted examples. We showed that the proposed Grey-Markov model can improve the forecast accuracy of original Grey forecast model.

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Bu Makaleye Atıf Yap

Hasantash, G. H., Mostafaei, H., Kordnoori, S. (2012). Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model. International Journal of Economics and Financial Issues, Cilt: 2 Sayı: 3, 312–319. https://ajindex.com/articles/995006

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