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Forecasting, Volume 5, Issue 1 (March 2023) – 19 articles

Cover Story (view full-size image): Deep learning has gained popularity in time series forecasting in recent years. However, to this day, deep learning has not revolutionized the field of time series forecasting to the same extent as in the research fields of computer vision and natural language processing. One crucial problem for time series forecasting is the lack of large, domain-independent benchmark datasets. Our work gives an overview of publicly available time series datasets on which research on deep-learning-based forecasting has been conducted. We identified that no widely accepted benchmark dataset in time series forecasting exists. Furthermore, our survey paves the way towards developing a single widely accepted benchmark dataset for time series forecasting, which would highly impact the field of forecasting, built on the various datasets surveyed in this paper. View this paper
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23 pages, 3803 KiB  
Article
Agricultural Commodities in the Context of the Russia-Ukraine War: Evidence from Corn, Wheat, Barley, and Sunflower Oil
by Florin Aliu, Jiří Kučera and Simona Hašková
Forecasting 2023, 5(1), 351-373; https://doi.org/10.3390/forecast5010019 - 22 Mar 2023
Cited by 5 | Viewed by 6761
Abstract
The Russian invasion of Ukraine on 24 February 2022 accelerated agricultural commodity prices and raised food insecurities worldwide. Ukraine and Russia are the leading global suppliers of wheat, corn, barley and sunflower oil. For this purpose, we investigated the relationship among these four [...] Read more.
The Russian invasion of Ukraine on 24 February 2022 accelerated agricultural commodity prices and raised food insecurities worldwide. Ukraine and Russia are the leading global suppliers of wheat, corn, barley and sunflower oil. For this purpose, we investigated the relationship among these four agricultural commodities and, at the same time, predicted their future performance. The series covers the period from 1 January 1990 to 1 August 2022, based on monthly frequencies. The VAR impulse response function, variance decomposition, Granger Causality Test and vector error correction model were used to analyze relationships between variables. The results indicate that corn prices are an integral part of price changes in wheat, barley and sunflower oil. Wheat prices are also essential but with a weaker influence than that of corn. The additional purpose of this study was to forecast their price changes ten months ahead. The Vector Autoregressive (VAR) and Vector Error Correction (VECM) fanchart estimates an average price decline in corn, wheat, barley and sunflower oil in the range of 10%. From a policy perspective, the findings provide reliable signals for countries exposed to food insecurities and inflationary risk. Recognizing the limitations that predictions maintain, the results provide modest signals for relevant agencies, international regulatory authorities, retailers and low-income countries. Moreover, stakeholders can become informed about their price behavior and the causal relationship they hold with each other. Full article
(This article belongs to the Special Issue Economic Forecasting in Agriculture)
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15 pages, 597 KiB  
Article
Methodology for Optimizing Factors Affecting Road Accidents in Poland
by Piotr Gorzelanczyk and Henryk Tylicki
Forecasting 2023, 5(1), 336-350; https://doi.org/10.3390/forecast5010018 - 07 Mar 2023
Cited by 3 | Viewed by 2154
Abstract
With the rapid increase in the number of vehicles on the road, traffic accidents have become a rapidly growing threat, causing the loss of human life and economic assets. The reason for this is the rapid growth of the human population and the [...] Read more.
With the rapid increase in the number of vehicles on the road, traffic accidents have become a rapidly growing threat, causing the loss of human life and economic assets. The reason for this is the rapid growth of the human population and the development of motorization. The main challenge in predicting and analyzing traffic accident data is the small size of the dataset that can be used for analysis in this regard. While traffic accidents cause, globally, millions of deaths and injuries each year, their density in time and space is low. The purpose of this article is to present a methodology for determining the role of factors influencing road accidents in Poland. For this purpose, multi-criteria optimization methods were used. The results obtained allow us to conclude that the proposed solution can be used to search for the best solution for the selection of factors affecting traffic accidents. Furthermore, based on the study, it can be concluded that the factors primarily influencing traffic accidents are weather conditions (fog, smoke, rainfall, snowfall, hail, or cloud cover), province (Lower Silesian, Lubelskie, Lodzkie, Malopolskie, Mazovian, Opolskie, Podkarpackie, Pomeranian, Silesian, Warmian-Masurian, and Greater Poland), and type of road (with two one-way carriageways; two-way, single carriageway road). Noteworthy is the fact that all days of the week also affect the number of vehicle accidents, although most of them occur on Fridays. Full article
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21 pages, 1026 KiB  
Article
Time Series Dataset Survey for Forecasting with Deep Learning
by Yannik Hahn, Tristan Langer, Richard Meyes and Tobias Meisen
Forecasting 2023, 5(1), 315-335; https://doi.org/10.3390/forecast5010017 - 03 Mar 2023
Cited by 2 | Viewed by 5234
Abstract
Deep learning models have revolutionized research fields like computer vision and natural language processing by outperforming traditional models in multiple tasks. However, the field of time series analysis, especially time series forecasting, has not seen a similar revolution, despite forecasting being one of [...] Read more.
Deep learning models have revolutionized research fields like computer vision and natural language processing by outperforming traditional models in multiple tasks. However, the field of time series analysis, especially time series forecasting, has not seen a similar revolution, despite forecasting being one of the most prominent tasks of predictive data analytics. One crucial problem for time series forecasting is the lack of large, domain-independent benchmark datasets and a competitive research environment, e.g., annual large-scale challenges, that would spur the development of new models, as was the case for CV and NLP. Furthermore, the focus of time series forecasting research is primarily domain-driven, resulting in many highly individual and domain-specific datasets. Consequently, the progress in the entire field is slowed down due to a lack of comparability across models trained on a single benchmark dataset and on a variety of different forecasting challenges. In this paper, we first explore this problem in more detail and derive the need for a comprehensive, domain-unspecific overview of the state-of-the-art of commonly used datasets for prediction tasks. In doing so, we provide an overview of these datasets and improve comparability in time series forecasting by introducing a method to find similar datasets which can be utilized to test a newly developed model. Ultimately, our survey paves the way towards developing a single widely used and accepted benchmark dataset for time series data, built on the various frequently used datasets surveyed in this paper. Full article
(This article belongs to the Special Issue Recurrent Neural Networks for Time Series Forecasting)
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18 pages, 1487 KiB  
Article
Day Ahead Electric Load Forecast: A Comprehensive LSTM-EMD Methodology and Several Diverse Case Studies
by Michael Wood, Emanuele Ogliari, Alfredo Nespoli, Travis Simpkins and Sonia Leva
Forecasting 2023, 5(1), 297-314; https://doi.org/10.3390/forecast5010016 - 02 Mar 2023
Cited by 5 | Viewed by 2764
Abstract
Optimal behind-the-meter energy management often requires a day-ahead electric load forecast capable of learning non-linear and non-stationary patterns, due to the spatial disaggregation of loads and concept drift associated with time-varying physics and behavior. There are many promising machine learning techniques in the [...] Read more.
Optimal behind-the-meter energy management often requires a day-ahead electric load forecast capable of learning non-linear and non-stationary patterns, due to the spatial disaggregation of loads and concept drift associated with time-varying physics and behavior. There are many promising machine learning techniques in the literature, but black box models lack explainability and therefore confidence in the models’ robustness can’t be achieved without thorough testing on data sets with varying and representative statistical properties. Therefore this work adopts and builds on some of the highest-performing load forecasting tools in the literature, which are Long Short-Term Memory recurrent networks, Empirical Mode Decomposition for feature engineering, and k-means clustering for outlier detection, and tests a combined methodology on seven different load data sets from six different load sectors. Forecast test set results are benchmarked against a seasonal naive model and SARIMA. The resultant skill scores range from −6.3% to 73%, indicating that the methodology adopted is often but not exclusively effective relative to the benchmarks. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting 2023)
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12 pages, 1498 KiB  
Communication
Assessing Spurious Correlations in Big Search Data
by Jesse T. Richman and Ryan J. Roberts
Forecasting 2023, 5(1), 285-296; https://doi.org/10.3390/forecast5010015 - 28 Feb 2023
Viewed by 3042
Abstract
Big search data offers the opportunity to identify new and potentially real-time measures and predictors of important political, geographic, social, cultural, economic, and epidemiological phenomena, measures that might serve an important role as leading indicators in forecasts and nowcasts. However, it also presents [...] Read more.
Big search data offers the opportunity to identify new and potentially real-time measures and predictors of important political, geographic, social, cultural, economic, and epidemiological phenomena, measures that might serve an important role as leading indicators in forecasts and nowcasts. However, it also presents vast new risks that scientists or the public will identify meaningless and totally spurious ‘relationships’ between variables. This study is the first to quantify that risk in the context of search data. We find that spurious correlations arise at exceptionally high frequencies among probability distributions examined for random variables based upon gamma (1, 1) and Gaussian random walk distributions. Quantifying these spurious correlations and their likely magnitude for various distributions has value for several reasons. First, analysts can make progress toward accurate inference. Second, they can avoid unwarranted credulity. Third, they can demand appropriate disclosure from the study authors. Full article
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29 pages, 7505 KiB  
Article
Performance Analysis of Statistical, Machine Learning and Deep Learning Models in Long-Term Forecasting of Solar Power Production
by Ashish Sedai, Rabin Dhakal, Shishir Gautam, Anibesh Dhamala, Argenis Bilbao, Qin Wang, Adam Wigington and Suhas Pol
Forecasting 2023, 5(1), 256-284; https://doi.org/10.3390/forecast5010014 - 22 Feb 2023
Cited by 7 | Viewed by 4087
Abstract
The Machine Learning/Deep Learning (ML/DL) forecasting model has helped stakeholders overcome uncertainties associated with renewable energy resources and time planning for probable near-term power fluctuations. Nevertheless, the effectiveness of long-term forecasting of renewable energy resources using an existing ML/DL model is still debatable [...] Read more.
The Machine Learning/Deep Learning (ML/DL) forecasting model has helped stakeholders overcome uncertainties associated with renewable energy resources and time planning for probable near-term power fluctuations. Nevertheless, the effectiveness of long-term forecasting of renewable energy resources using an existing ML/DL model is still debatable and needs additional research. Considering the constraints inherent in current empirical or physical-based forecasting models, the study utilizes ML/DL models to provide long-term predictions for solar power production. This study aims to examine the efficacy of several existing forecasting models. The study suggests approaches to enhance the accuracy of long-term forecasting of solar power generation for a case study power plant. It summarizes and compares the statistical model (ARIMA), ML model (SVR), DL models (LSTM, GRU, etc.), and ensemble models (RF, hybrid) with respect to long-term prediction. The performances of the univariate and multivariate models are summarized and compared based on their ability to accurately predict solar power generation for the next 1, 3, 5, and 15 days for a 100-kW solar power plant in Lubbock, TX, USA. Conclusions are drawn predicting the accuracy of various model changes with variation in the prediction time frame and input variables. In summary, the Random Forest model predicted long-term solar power generation with 50% better accuracy over the univariate statistical model and 10% better accuracy over multivariate ML/DL models. Full article
(This article belongs to the Special Issue Energy Forecasting Using Time-Series Analysis)
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27 pages, 850 KiB  
Article
Intervention Time Series Analysis and Forecasting of Organ Donor Transplants in the US during the COVID-19 Era
by Supraja Malladi and Qiqi Lu
Forecasting 2023, 5(1), 229-255; https://doi.org/10.3390/forecast5010013 - 18 Feb 2023
Viewed by 2126
Abstract
The COVID-19 pandemic has had a catastrophic effect on the healthcare system including organ transplants worldwide. The number of living donor transplants performed in the US was affected more significantly by the pandemic with a 22.6% decrease in counts from 2019 to 2020 [...] Read more.
The COVID-19 pandemic has had a catastrophic effect on the healthcare system including organ transplants worldwide. The number of living donor transplants performed in the US was affected more significantly by the pandemic with a 22.6% decrease in counts from 2019 to 2020 due to concerns of unnecessarily exposing potential living donors and living donor recipients to possible COVID-19 infection. This paper examines donor transplant counts obtained from the United Network for Organ Sharing from January 2002 to August 2021 using an intervention time series model with March 2020 as the intervention event. Specifically, donor transplant counts are analyzed across the different organs, donor types, and some major individual sociocultural factors, which are potential conditions contributing to disparities in achieving donor transplant equity such as age, ethnicity, and gender. In addition, the kidney allocation policy implemented in March 2021 is introduced as a second intervention event for kidney donor transplants. Overall, forecasts generated by our methods are more accurate than those using seasonal autoregressive integrated moving average models without interventions and seasonal naive methods. The intervention time series model provides a forecast accuracy comparable to the exponential smoothing method. Full article
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16 pages, 1393 KiB  
Article
A Day-Ahead Photovoltaic Power Prediction via Transfer Learning and Deep Neural Networks
by Seyed Mahdi Miraftabzadeh, Cristian Giovanni Colombo, Michela Longo and Federica Foiadelli
Forecasting 2023, 5(1), 213-228; https://doi.org/10.3390/forecast5010012 - 17 Feb 2023
Cited by 12 | Viewed by 3035
Abstract
Climate change and global warming drive many governments and scientists to investigate new renewable and green energy sources. Special attention is on solar panel technology, since solar energy is considered one of the primary renewable sources and solar panels can be installed in [...] Read more.
Climate change and global warming drive many governments and scientists to investigate new renewable and green energy sources. Special attention is on solar panel technology, since solar energy is considered one of the primary renewable sources and solar panels can be installed in domestic neighborhoods. Photovoltaic (PV) power prediction is essential to match supply and demand and ensure grid stability. However, the PV system has assertive stochastic behavior, requiring advanced forecasting methods, such as machine learning and deep learning, to predict day-ahead PV power accurately. Machine learning models need a rich historical dataset that includes years of PV power outputs to capture hidden patterns between essential variables to predict day-ahead PV power production accurately. Therefore, this study presents a framework based on the transfer learning method to use reliable trained deep learning models of old PV plants in newly installed PV plants in the same neighborhoods. The numerical results show the effectiveness of transfer learning in day-ahead PV prediction in newly established PV plants where a sizable historical dataset of them is unavailable. Among all nine models presented in this study, the LSTM models have better performance in PV power prediction. The new LSTM model using the inadequate dataset has 0.55 mean square error (MSE) and 47.07% weighted mean absolute percentage error (wMAPE), while the transferred LSTM model improves prediction accuracy to 0.168 MSE and 32.04% wMAPE. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting 2022)
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3 pages, 202 KiB  
Editorial
Editorial for Special Issue: “Tourism Forecasting: Time-Series Analysis of World and Regional Data”
by João Paulo Teixeira and Ulrich Gunter
Forecasting 2023, 5(1), 210-212; https://doi.org/10.3390/forecast5010011 - 02 Feb 2023
Cited by 1 | Viewed by 1525
Abstract
This Special Issue was honored with six contribution papers embracing the subject of tourism forecasting [...] Full article
(This article belongs to the Special Issue Tourism Forecasting: Time-Series Analysis of World and Regional Data)
14 pages, 446 KiB  
Article
On Forecasting Cryptocurrency Prices: A Comparison of Machine Learning, Deep Learning, and Ensembles
by Kate Murray, Andrea Rossi, Diego Carraro and Andrea Visentin
Forecasting 2023, 5(1), 196-209; https://doi.org/10.3390/forecast5010010 - 29 Jan 2023
Cited by 9 | Viewed by 10127
Abstract
Traders and investors are interested in accurately predicting cryptocurrency prices to increase returns and minimize risk. However, due to their uncertainty, volatility, and dynamism, forecasting crypto prices is a challenging time series analysis task. Researchers have proposed predictors based on statistical, machine learning [...] Read more.
Traders and investors are interested in accurately predicting cryptocurrency prices to increase returns and minimize risk. However, due to their uncertainty, volatility, and dynamism, forecasting crypto prices is a challenging time series analysis task. Researchers have proposed predictors based on statistical, machine learning (ML), and deep learning (DL) approaches, but the literature is limited. Indeed, it is narrow because it focuses on predicting only the prices of the few most famous cryptos. In addition, it is scattered because it compares different models on different cryptos inconsistently, and it lacks generality because solutions are overly complex and hard to reproduce in practice. The main goal of this paper is to provide a comparison framework that overcomes these limitations. We use this framework to run extensive experiments where we compare the performances of widely used statistical, ML, and DL approaches in the literature for predicting the price of five popular cryptocurrencies, i.e., XRP, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Monero (XMR). To the best of our knowledge, we are also the first to propose using the temporal fusion transformer (TFT) on this task. Moreover, we extend our investigation to hybrid models and ensembles to assess whether combining single models boosts prediction accuracy. Our evaluation shows that DL approaches are the best predictors, particularly the LSTM, and this is consistently true across all the cryptos examined. LSTM reaches an average RMSE of 0.0222 and MAE of 0.0173, respectively, 2.7% and 1.7% better than the second-best model. To ensure reproducibility and stimulate future research contribution, we share the dataset and the code of the experiments. Full article
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24 pages, 4421 KiB  
Article
Global Solar Radiation Forecasting Based on Hybrid Model with Combinations of Meteorological Parameters: Morocco Case Study
by Brahim Belmahdi, Mohamed Louzazni, Mousa Marzband and Abdelmajid El Bouardi
Forecasting 2023, 5(1), 172-195; https://doi.org/10.3390/forecast5010009 - 27 Jan 2023
Cited by 2 | Viewed by 1808
Abstract
The adequate modeling and estimation of solar radiation plays a vital role in designing solar energy applications. In fact, unnecessary environmental changes result in several problems with the components of solar photovoltaic and affects the energy generation network. Various computational algorithms have been [...] Read more.
The adequate modeling and estimation of solar radiation plays a vital role in designing solar energy applications. In fact, unnecessary environmental changes result in several problems with the components of solar photovoltaic and affects the energy generation network. Various computational algorithms have been developed over the past decades to improve the efficiency of predicting solar radiation with various input characteristics. This research provides five approaches for forecasting daily global solar radiation (GSR) in two Moroccan cities, Tetouan and Tangier. In this regard, autoregressive integrated moving average (ARIMA), autoregressive moving average (ARMA), feed forward back propagation neural networks (FFBP), hybrid ARIMA-FFBP, and hybrid ARMA-FFBP were selected to compare and forecast the daily global solar radiation with different combinations of meteorological parameters. In addition, the performance in three approaches has been calculated in terms of the statistical metric correlation coefficient (R2), root means square error (RMSE), stand deviation (σ), the slope of best fit (SBF), legate’s coefficient of efficiency (LCE), and Wilmott’s index of agreement (WIA). The best model is selected by using the computed statistical metric, which is present, and the optimal value. The R2 of the forecasted ARIMA, ARMA, FFBP, hybrid ARIMA-FFBP, and ARMA-FFBP models is varying between 0.9472% and 0.9931%. The range value of SPE is varying between 0.8435 and 0.9296. The range value of LCE is 0.8954 and 0.9696 and the range value of WIA is 0.9491 and 0.9945. The outcomes show that the hybrid ARIMA–FFBP and hybrid ARMA–FFBP techniques are more effective than other approaches due to the improved correlation coefficient (R2). Full article
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2 pages, 172 KiB  
Editorial
Acknowledgment to the Reviewers of Forecasting in 2022
by Forecasting Editorial Office
Forecasting 2023, 5(1), 170-171; https://doi.org/10.3390/forecast5010008 - 16 Jan 2023
Viewed by 899
Abstract
High-quality academic publishing is built on rigorous peer review [...] Full article
17 pages, 4643 KiB  
Article
Coffee as an Identifier of Inflation in Selected US Agglomerations
by Marek Vochozka, Svatopluk Janek and Zuzana Rowland
Forecasting 2023, 5(1), 153-169; https://doi.org/10.3390/forecast5010007 - 13 Jan 2023
Cited by 2 | Viewed by 2138
Abstract
The research goal presented in this paper was to determine the strength of the relationship between the price of coffee traded on ICE Futures US and Consumer Price Indices in the major urban agglomerations of the United States—New York, Chicago, and Los Angeles—and [...] Read more.
The research goal presented in this paper was to determine the strength of the relationship between the price of coffee traded on ICE Futures US and Consumer Price Indices in the major urban agglomerations of the United States—New York, Chicago, and Los Angeles—and to predict the future development. The results obtained using the Pearson correlation coefficient confirmed a very close direct correlation (r = 0.61 for New York and Chicago; r = 0.57 for Los Angeles) between the price of coffee and inflation. The prediction made using the SARIMA model disrupted the mutual correlation. The price of coffee is likely to anchor at a new level where it will fluctuate; on the other hand, the CPIs showed strong unilateral pro-growth trends. The results could be beneficial for the analysis and creation of policies and further analyses of market structures at the technical level. Full article
(This article belongs to the Special Issue Economic Forecasting in Agriculture)
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15 pages, 1250 KiB  
Article
Comparison of ARIMA, SutteARIMA, and Holt-Winters, and NNAR Models to Predict Food Grain in India
by Ansari Saleh Ahmar, Pawan Kumar Singh, R. Ruliana, Alok Kumar Pandey and Stuti Gupta
Forecasting 2023, 5(1), 138-152; https://doi.org/10.3390/forecast5010006 - 10 Jan 2023
Cited by 3 | Viewed by 2666
Abstract
The agriculture sector plays an essential function within the Indian economic system. Foodgrains provide almost all the calories and proteins. This paper aims to compare ARIMA, SutteARIMA, Holt-Winters, and NNAR models to recommend an effective model to predict foodgrains production in India. The [...] Read more.
The agriculture sector plays an essential function within the Indian economic system. Foodgrains provide almost all the calories and proteins. This paper aims to compare ARIMA, SutteARIMA, Holt-Winters, and NNAR models to recommend an effective model to predict foodgrains production in India. The execution of the SutteARIMA predictive model used in this analysis was compared with the established ARIMA, Neural Network Auto-Regressive (NNAR), and Holt-Winters models, which have been widely applied for time series prediction. The findings of this study reveal that both the SutteARIMA model and the Holt-Winters model performed well with real-life problems and can effectively and profitably be engaged for food grain forecasting in India. The food grain forecasting approach with the SutteARIMA model indicated superior performance over the ARIMA, Holt-Winters, and NNAR models. Indeed, the actual and predicted values of the SutteARIMA and Holt-Winters forecasting models are quite close to predicting foodgrains production in India. This has been verified by MAPE and MSE values that are relatively low with the SutteARIMA model. Therefore, India’s SutteARIMA model was used to predict foodgrains production from 2021 to 2025. The forecasted amount of respective crops are as follows (in lakh tonnes) 1140.14 (wheat), 1232.27 (rice), 466.46 (coarse), 259.95 (pulses), and a total 3069.80 (foodgrains) by 2025. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting 2022)
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11 pages, 2192 KiB  
Article
Forecasting the Monkeypox Outbreak Using ARIMA, Prophet, NeuralProphet, and LSTM Models in the United States
by Bowen Long, Fangya Tan and Mark Newman
Forecasting 2023, 5(1), 127-137; https://doi.org/10.3390/forecast5010005 - 06 Jan 2023
Cited by 13 | Viewed by 3682
Abstract
Since May 2022, over 64,000 Monkeypox cases have been confirmed globally up until September 2022. The United States leads the world in cases, with over 25,000 cases nationally. This recent escalation of the Monkeypox outbreak has become a severe and urgent worldwide public [...] Read more.
Since May 2022, over 64,000 Monkeypox cases have been confirmed globally up until September 2022. The United States leads the world in cases, with over 25,000 cases nationally. This recent escalation of the Monkeypox outbreak has become a severe and urgent worldwide public health concern. We aimed to develop an efficient forecasting tool that allows health experts to implement effective prevention policies for Monkeypox and shed light on the case development of diseases that share similar characteristics to Monkeypox. This research utilized five machine learning models, namely, ARIMA, LSTM, Prophet, NeuralProphet, and a stacking model, on the Monkeypox datasets from the CDC official website to forecast the next 7-day trend of Monkeypox cases in the United States. The result showed that NeuralProphet achieved the most optimal performance with a RMSE of 49.27 and R2 of 0.76. Further, the final trained NeuralProphet was employed to forecast seven days of out-of-sample cases. On the basis of cases, our model demonstrated 95% accuracy. Full article
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25 pages, 6529 KiB  
Article
Spatial Dependence of Average Prices for Product Categories and Its Change over Time: Evidence from Daily Data
by Venera Timiryanova, Irina Lakman, Vadim Prudnikov and Dina Krasnoselskaya
Forecasting 2023, 5(1), 102-126; https://doi.org/10.3390/forecast5010004 - 31 Dec 2022
Cited by 1 | Viewed by 1422
Abstract
The price of market products is the result of the interaction of supply and demand. However, within the same country, prices can vary significantly, especially during crisis periods. The purpose of this study is to identify patterns in the changing spatial dependence of [...] Read more.
The price of market products is the result of the interaction of supply and demand. However, within the same country, prices can vary significantly, especially during crisis periods. The purpose of this study is to identify patterns in the changing spatial dependence of the prices of certain product categories, namely pasta, potatoes, sugar, candies, poultry and butter. We used daily data from 1 January 2019, to 31 March 2022, and analyzed two important indicators: spatial variation and spatial autocorrelation of average daily prices. The analysis showed that spatial dependency changes over time and follows its own pattern for each product category. We recognized cyclic changes in spatial autocorrelation and noticed the effect of legislative restrictions on spatial correlations. It has been shown that the spatial variation of prices and spatial autocorrelation can change in different directions. Full article
(This article belongs to the Section Forecasting in Economics and Management)
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21 pages, 399 KiB  
Article
Machine Learning Models and Intra-Daily Market Information for the Prediction of Italian Electricity Prices
by Silvia Golia, Luigi Grossi and Matteo Pelagatti
Forecasting 2023, 5(1), 81-101; https://doi.org/10.3390/forecast5010003 - 30 Dec 2022
Viewed by 2100
Abstract
In this paper we assess how intra-day electricity prices can improve the prediction of zonal day-ahead wholesale electricity prices in Italy. We consider linear autoregressive models with exogenous variables (ARX) with and without interactions among predictors, and non-parametric models taken from the machine [...] Read more.
In this paper we assess how intra-day electricity prices can improve the prediction of zonal day-ahead wholesale electricity prices in Italy. We consider linear autoregressive models with exogenous variables (ARX) with and without interactions among predictors, and non-parametric models taken from the machine learning literature. In particular, we implement Random Forests and support vector machines, which should automatically capture the relevant interactions among predictors. Given the large number of predictors, ARX models are also estimated using LASSO regularization, which improves predictions when regressors are many and selects the important variables. In addition to zonal intra-day prices, among the predictors we include also the official demand forecasts and wind generation expectations. Our results show that the prediction performance of the simple ARX model is mostly superior to those of machine learning models. The analysis of the relevance of exogenous variables, using variable importance measures, reveals that intra-day market information successfully contributes to the forecasting performance, although the impact differs among the estimated models. Full article
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59 pages, 24279 KiB  
Review
Comprehensive Review of Power Electronic Converters in Electric Vehicle Applications
by Rejaul Islam, S M Sajjad Hossain Rafin and Osama A. Mohammed
Forecasting 2023, 5(1), 22-80; https://doi.org/10.3390/forecast5010002 - 29 Dec 2022
Cited by 19 | Viewed by 17210
Abstract
Emerging electric vehicle (EV) technology requires high-voltage energy storage systems, efficient electric motors, electrified power trains, and power converters. If we consider forecasts for EV demand and driving applications, this article comprehensively reviewed power converter topologies, control schemes, output power, reliability, losses, switching [...] Read more.
Emerging electric vehicle (EV) technology requires high-voltage energy storage systems, efficient electric motors, electrified power trains, and power converters. If we consider forecasts for EV demand and driving applications, this article comprehensively reviewed power converter topologies, control schemes, output power, reliability, losses, switching frequency, operations, charging systems, advantages, and disadvantages. This article is intended to help engineers and researchers forecast typical recharging/discharging durations, the lifetime of energy storage with the help of control systems and machine learning, and the performance probability of using AlGaN/GaN heterojunction-based high-electron-mobility transistors (HEMTs) in EV systems. The analysis of this extensive review paper suggests that the Vienna rectifier provides significant performance among all AC–DC rectifier converters. Moreover, the multi-device interleaved DC–DC boost converter is best suited for the DC–DC conversion stage. Among DC–AC converters, the third harmonic injected seven-level inverter is found to be one of the best in EV driving. Furthermore, the utilization of multi-level inverters can terminate the requirement of the intermediate DC–DC converter. In addition, the current status, opportunities, challenges, and applications of wireless power transfer in hybrid and all-electric vehicles were also discussed in this paper. Moreover, the adoption of wide bandgap semiconductors was considered. Because of their higher power density, breakdown voltage, and switching frequency characteristics, a light yet efficient power converter design can be achieved for EVs. Finally, the article’s intent was to provide a reference for engineers and researchers in the automobile industry for forecasting calculations. Full article
(This article belongs to the Special Issue Data Driven Methods for EVs Charging Sessions Forecasting)
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21 pages, 659 KiB  
Article
Extracting Statistical Properties of Solar and Photovoltaic Power Production for the Scope of Building a Sophisticated Forecasting Framework
by Joseph Ndong and Ted Soubdhan
Forecasting 2023, 5(1), 1-21; https://doi.org/10.3390/forecast5010001 - 29 Dec 2022
Viewed by 1474
Abstract
Building a sophisticated forecasting framework for solar and photovoltaic power production in geographic zones with severe meteorological conditions is very challenging. This difficulty is linked to the high variability of the global solar radiation on which the energy production depends. A suitable forecasting [...] Read more.
Building a sophisticated forecasting framework for solar and photovoltaic power production in geographic zones with severe meteorological conditions is very challenging. This difficulty is linked to the high variability of the global solar radiation on which the energy production depends. A suitable forecasting framework might take into account this high variability and could be able to adjust/re-adjust model parameters to reduce sensitivity to estimation errors. The framework should also be able to re-adapt the model parameters whenever the atmospheric conditions change drastically or suddenly—this changes according to microscopic variations. This work presents a new methodology to analyze carefully the meaningful features of global solar radiation variability and extract some relevant information about the probabilistic laws which governs its dynamic evolution. The work establishes a framework able to identify the macroscopic variations from the solar irradiance. The different categories of variability correspond to different levels of meteorological conditions and events and can occur in different time intervals. Thereafter, the tool will be able to extract the abrupt changes, corresponding to microscopic variations, inside each level of variability. The methodology is based on a combination of probability and possibility theory. An unsupervised clustering technique based on a Gaussian mixture model is proposed to identify, first, the categories of variability and, using a hidden Markov model, we study the temporal dependency of the process to identify the dynamic evolution of the solar irradiance as different temporal states. Finally, by means of some transformations of probabilities to possibilities, we identify the abrupt changes in the solar radiation. The study is performed in Guadeloupe, where we have a long record of global solar radiation data recorded at 1 Hertz. Full article
(This article belongs to the Collection Energy Forecasting)
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