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Forecasting the Consumption of Milk and Dairy Products in Greece

In: Advances in Stochastic Modelling and Data Analysis

Author

Listed:
  • A. Xepapadeas

    (University of Crete, Department of Economics)

  • H. Habib

    (Mediterranean Agronomic Institute of Chania)

Abstract

The present study uses a demand system approach, an Almost Ideal Demand System (AIDS) with correction for serial correlation for milk, cheese and butter in Greece for the period 1960–1991. The AIDS model can be used to test homogeneity and symmetry restrictions through linear restrictions on fixed parameters. This study forecasts the consumption per capita of each product until 1966 using the Box-Jenkins method. Box Jenkins forecasts are compared to moving average and exponential smoothing methods using the minimum root mean square error criterion.

Suggested Citation

  • A. Xepapadeas & H. Habib, 1995. "Forecasting the Consumption of Milk and Dairy Products in Greece," Springer Books, in: Jacques Janssen & Christos H. Skiadas & Constantin Zopounidis (ed.), Advances in Stochastic Modelling and Data Analysis, pages 217-243, Springer.
    • Handle: RePEc:spr:sprchp:978-94-017-0663-6_15
    DOI: 10.1007/978-94-017-0663-6_15
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