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The Status of Evaluating Accuracy of Regional Forecasts

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  • West, Carol T.

    (U FL)

Abstract

Recent reviews of the regional growth and change literature conclude that the strand of research attempting to identify determinants of growth in general terms has been reasonably successful, but the strand attempting to provide public policy direction has been far less successful. A critical distinction between these two strands is that the former studies the past while the latter makes a forecast. One of the reasons we may not have been particularly effective in guiding public policy is that we haven't addressed the question, Is the accuracy of our regional forecasting record acceptable? This paper reviews the literature on evaluating regional forecast accuracy, discusses the question of When is a regional forecast 'accurate'? and outlines how accuracy analysis can be used to improve forecast precision. A concluding section suggests possible avenues for future research.

Suggested Citation

  • West, Carol T., 2003. "The Status of Evaluating Accuracy of Regional Forecasts," The Review of Regional Studies, Southern Regional Science Association, vol. 33(1), pages 85-103.
  • Handle: RePEc:rre:publsh:v:33:y:2003:i:1:p:85-103
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    References listed on IDEAS

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    Cited by:

    1. Fullerton, Thomas M., Jr. & Kelley, Brian W., 2008. "El Paso Housing Sector Econometric Forecast Accuracy," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(01), April.

    More about this item

    Keywords

    Forecast; Regional Growth; Regional;

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

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