SYSTEM AND METHOD FOR FORECASTING ECONOMIC TRENDS USING STATISTICAL ANALYSIS OF WEATHER DATA

Disclosed is an economic forecast system that overcomes technical problems with conventional systems. Conventional economic forecast systems may analyze past economic behavior and construct statistical models to predict future behavior. When incorporating past weather data, however, conventional sys...

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Bibliographische Detailangaben
Hauptverfasser:	AKERS, Jennifer Bowers, LOFTUS, Timothy, ROOT, Michael R, RADICH, Rosemary Yielding
Format:	Patent
Sprache:	eng ; fre ; ger
Schlagworte:	CALCULATING COMPUTER SYSTEMS BASED ON SPECIFIC COMPUTATIONAL MODELS COMPUTING COUNTING DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES ELECTRIC DIGITAL DATA PROCESSING MEASURING METEOROLOGY PHYSICS SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR TESTING
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Beschreibung
Zusammenfassung:	Disclosed is an economic forecast system that overcomes technical problems with conventional systems. Conventional economic forecast systems may analyze past economic behavior and construct statistical models to predict future behavior. When incorporating past weather data, however, conventional systems generate overfitted and/or underfitted models because of the high multicollinearity of weather metrics. The disclosed system overcomes this technical problem with conventional systems by analyzing weather metrics that are divided into groups (based on the multicollinearity of the weather metrics in each group) and generates a statistical model using the one or more most statistically significant weather metrics from each group.