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 accuracy of proposed model. The results show that the Markov Chain residual modification model achieves reliable and precise results.

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Year of publication:	2012
Authors:	Mostafaei, Hamidreza ; Kordnoori, Shaghayegh
Published in:	International Journal of Energy Economics and Policy. - Econjournals. - Vol. 2.2012, 3, p. 97-102
Publisher:	Econjournals
Subject:	Grey Forecasting Model \| Markov Chain \| Energy System

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Extent:	application/pdf text/html
Type of publication:	Article
Classification:	C15 - Statistical Simulation Methods; Monte Carlo Methods ; C53 - Forecasting and Other Model Applications ; C63 - Computational Techniques
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010555766