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Interval Grey Prediction Models with Forecast Combination for Energy Demand Forecasting

Author

Listed:
  • Peng Jiang

    (School of Business, Shandong University, Weihai 264209, China)

  • Yi-Chung Hu

    (Department of Business Administration, Chung Yuan Christian University, Taoyuan City 32023, Taiwan)

  • Wenbao Wang

    (College of Civil Engineering, Yango University, Fuzhou 350015, China)

  • Hang Jiang

    (School of Business Administration, Jimei University, Xiamen 361021, China)

  • Geng Wu

    (Department of Business Administration, Chung Yuan Christian University, Taoyuan City 32023, Taiwan)

Abstract

Time series data for decision problems such as energy demand forecasting are often derived from uncertain assessments, and do not meet any statistical assumptions. The interval grey number becomes an appropriate representation for an uncertain and imprecise observation. In order to obtain nonlinear interval grey numbers with better forecasting accuracy, this study proposes a combined model by fusing interval grey numbers estimated by neural networks (NNs) and the grey prediction models. The proposed model first uses interval regression analysis using NNs to estimate interval grey numbers for a real valued sequence; and then a grey residual modification model is constructed using the upper and lower wrapping sequences obtained by NNs. It turns out that two different kinds of interval grey numbers can be estimated by nonlinear interval regression analysis. Forecasting accuracy on real data sequences was then examined by the best non-fuzzy performance values of the combined model. The proposed combined model performed well compared with the other interval grey prediction models considered.

Suggested Citation

  • Peng Jiang & Yi-Chung Hu & Wenbao Wang & Hang Jiang & Geng Wu, 2020. "Interval Grey Prediction Models with Forecast Combination for Energy Demand Forecasting," Mathematics, MDPI, vol. 8(6), pages 1-12, June.
    • Handle: RePEc:gam:jmathe:v:8:y:2020:i:6:p:960-:d:370325
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    References listed on IDEAS

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    Cited by:

    1. Piao Wang & Shahid Hussain Gurmani & Zhifu Tao & Jinpei Liu & Huayou Chen, 2024. "Interval time series forecasting: A systematic literature review," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(2), pages 249-285, March.
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    3. Michal Pavlicko & Mária Vojteková & Oľga Blažeková, 2022. "Forecasting of Electrical Energy Consumption in Slovakia," Mathematics, MDPI, vol. 10(4), pages 1-20, February.

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