Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply

Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply

Grey theory deals with systems that are characterized by poor information or for which information is lacking. This study presents an improved grey GM (1, 1) model, using a technique that combines residual modification with Markov Chain model. We use energy consumption and supply of Iran to test the...

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Veröffentlicht in:International journal of energy economics and policy 2012, Vol.2 (3), p.97
Hauptverfasser: Mostafaei, Hamidreza, Shaghayegh Kordnoori
Format: Artikel
Sprache:eng
Schlagworte:
Accuracy
Energy consumption
Energy economics
Forecasting
Markov analysis
Neural networks
Research methodology
Statistical analysis
System theory
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Zusammenfassung:Grey theory deals with systems that are characterized by poor information or for which information is lacking. This study presents an improved grey GM (1, 1) model, using a technique that combines residual modification with Markov Chain model. We use energy consumption and supply of Iran to test the accuracy of proposed model. The results show that the Markov Chain residual modification model achieves reliable and precise results.
ISSN:2146-4553
2146-4553