Forecasting Long-Term Crude Oil Prices Using a Bayesian Model with Informative Priors

Forecasting Long-Term Crude Oil Prices Using a Bayesian Model with Informative Priors

In the long-term, crude oil prices may impact the economic stability and sustainability of many countries, especially those depending on oil imports. This study thus suggests an alternative model for accurately forecasting oil prices while reflecting structural changes in the oil market by using a B...

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Bibliographic Details
Main Authors: Chul-Yong Lee, Sung-Yoon Huh
Format: Article
Language:English
Published: MDPI AG 2017-01-01
Series:Sustainability
Subjects:
Bayesian estimation
oil price
forecasting model
informative priors
Online Access:http://www.mdpi.com/2071-1050/9/2/190

Internet

http://www.mdpi.com/2071-1050/9/2/190

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