Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply

Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply

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Grey theory deals with systems that are characterized by poor information or for which information is lacking. This study presents an improved grey GM (1, 1) model, using a technique that combines residual modification with Markov Chain model. We use energy consumption and supply of Iran to test the...

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Bibliographic Details
Main Authors: Hamidreza Mostafaei, Shaghayegh Kordnoori
Format: Article
Language:English
Published: EconJournals 2012-07-01
Series:International Journal of Energy Economics and Policy
Subjects:
Grey Forecasting Model
Markov Chain
Energy System
Online Access:http://www.econjournals.com/index.php/ijeep/article/view/167/121
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spelling doaj-166a574f2cce4e6a9fc1a27ea19a5a062020-11-25T03:40:04ZengEconJournalsInternational Journal of Energy Economics and Policy2146-45532012-07-012397102Hybrid Grey Forecasting Model for Iran’s Energy Consumption and SupplyHamidreza MostafaeiShaghayegh KordnooriGrey theory deals with systems that are characterized by poor information or for which information is lacking. This study presents an improved grey GM (1, 1) model, using a technique that combines residual modification with Markov Chain model. We use energy consumption and supply of Iran to test the accuracy of proposed model. The results show that the Markov Chain residual modification model achieves reliable and precise results. http://www.econjournals.com/index.php/ijeep/article/view/167/121Grey Forecasting ModelMarkov ChainEnergy System
collection DOAJ
language English
format Article
sources DOAJ
author Hamidreza Mostafaei
Shaghayegh Kordnoori
spellingShingle Hamidreza Mostafaei
Shaghayegh Kordnoori
Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply
International Journal of Energy Economics and Policy
Grey Forecasting Model
Markov Chain
Energy System
author_facet Hamidreza Mostafaei
Shaghayegh Kordnoori
author_sort Hamidreza Mostafaei
title Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply
title_short Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply
title_full Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply
title_fullStr Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply
title_full_unstemmed Hybrid Grey Forecasting Model for Iran’s Energy Consumption and Supply
title_sort hybrid grey forecasting model for iran’s energy consumption and supply
publisher EconJournals
series International Journal of Energy Economics and Policy
issn 2146-4553
publishDate 2012-07-01
description Grey theory deals with systems that are characterized by poor information or for which information is lacking. This study presents an improved grey GM (1, 1) model, using a technique that combines residual modification with Markov Chain model. We use energy consumption and supply of Iran to test the accuracy of proposed model. The results show that the Markov Chain residual modification model achieves reliable and precise results.
topic Grey Forecasting Model
Markov Chain
Energy System
url http://www.econjournals.com/index.php/ijeep/article/view/167/121
work_keys_str_mv AT hamidrezamostafaei hybridgreyforecastingmodelforiransenergyconsumptionandsupply
AT shaghayeghkordnoori hybridgreyforecastingmodelforiransenergyconsumptionandsupply
_version_ 1724536609687207936

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