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Predicting Pork Supplies: An Application of Multiple Forecast Encompassing

Author

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  • Sanders, Dwight R.
  • Manfredo, Mark R.

Abstract

Conditional efficiency or forecast encompassing is tested among alternative pork production forecasts using the method proposed by Harvey and Newbold. One-, two-, and three-quarter ahead pork production forecasts made by the United States Department of Agriculture (USDA), the University of Illinois and Purdue University Cooperative Extension Service, and those produced by a univariate time series model are evaluated. The encompassing tests provide considerably more information about forecast performance than a simple pair-wise test for equality of mean squared errors. The results suggest that at a one-quarter horizon, the Extension service forecasts encompass the competitors, but at longer horizons, a composite forecast may provide greater accuracy.

Suggested Citation

  • Sanders, Dwight R. & Manfredo, Mark R., 2004. "Predicting Pork Supplies: An Application of Multiple Forecast Encompassing," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 36(3), pages 605-615, December.
    • Handle: RePEc:cup:jagaec:v:36:y:2004:i:03:p:605-615_02
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    Cited by:

    1. Dwight R. Sanders & Mark R. Manfredo, 2008. "Multiple horizons and information in USDA production forecasts," Agribusiness, John Wiley & Sons, Ltd., vol. 24(1), pages 55-66.
    2. A. Ford Ramsey & Michael K. Adjemian, 2024. "Forecast combination in agricultural economics: Past, present, and the future," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 46(4), pages 1450-1478, December.

    More about this item

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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