Model selection with decision support model for US natural gas consumption forecasting

Reliable prediction of natural gas consumption helps make the right decisions ensuring sustainable economic growth. This problem is addressed here by introducing a hybrid mathematical model defined as the Choquet integral-based model. Model selection is based on decision support model to consider the model performance more comprehensively. Different from the previous literature, we focus on the interaction between models when combine models. This paper adds grey accumulation generating operator to Holt-Winters model to capture more information in time series, and the grey wolf optimizer obtains the associated parameters. The proposed model can deal with seasonal (short-term) variability using season auto-regression moving average computation. Besides, it uses the long short term memory neural network to deal with long-term variability. The effectiveness of the developed model is validated on natural gas consumption due to the COVID-19 pandemic in the USA. For this, the model is customized using the publicly available datasets relevant to the USA energy sector. The model shows better robustness and outperforms other similar models since it consider the interaction between models. This means that it ensures reliable perdition, taking the highly uncertain factor (e.g., the COVID-19) into account. © 2023 Elsevier Ltd

Model selection with decision support model for US natural gas consumption forecasting

Reliable prediction of natural gas consumption helps make the right decisions ensuring sustainable economic growth. This problem is addressed here by introducing a hybrid mathematical model defined as the Choquet integral-based model. Model selection is based on decision support model to consider the model performance more comprehensively. Different from the previous literature, we focus on the interaction between models when combine models. This paper adds grey accumulation generating operator to Holt-Winters model to capture more information in time series, and the grey wolf optimizer obtains the associated parameters. The proposed model can deal with seasonal (short-term) variability using season auto-regression moving average computation. Besides, it uses the long short term memory neural network to deal with long-term variability. The effectiveness of the developed model is validated on natural gas consumption due to the COVID-19 pandemic in the USA. For this, the model is customized using the publicly available datasets relevant to the USA energy sector. The model shows better robustness and outperforms other similar models since it consider the interaction between models. This means that it ensures reliable perdition, taking the highly uncertain factor (e.g., the COVID-19) into account.

Model-based ensembles: Lessons learned from retrospective analysis of COVID-19 infection forecasts across 10 countries.

Mathematical models of different types and data intensities are highly used by researchers, epidemiologists, and national authorities to explore the inherently unpredictable progression of COVID-19, including the effects of different non-pharmaceutical interventions. Regardless of model complexity, forecasts of future COVID-19 infections, deaths and hospitalization are associated with large uncertainties, and critically depend on the quality of the training data, and in particular how well the recorded national or regional numbers of infections, deaths and recoveries reflect the the actual situation. In turn, this depends on, e.g., local test and abatement strategies, treatment capacities and available technologies. Other influencing factors including temperature and humidity, which are suggested by several authors to affect the spread of COVID-19 in some countries, are generally only considered by the most complex models and further serve to inflate the uncertainty. Here we use comparative and retrospective analyses to illuminate the aggregated effect of these systematic biases on ensemble-based model forecasts. We compare the actual progression of active infections across ten of the most affected countries in the world until late November 2020 with "re-forecasts" produced by two of the most commonly used model types: (i) a compartment-type, susceptible-infected-removed (SIR) model; and (ii) a statistical (Holt-Winters) time series model. We specifically examine the sensitivity of the model parameters, estimated systematically from different subsets of the data and thereby different time windows, to illustrate the associated implications for short- to medium-term forecasting and for probabilistic projections based on (single) model ensembles as inspired by, e.g., weather forecasting and climate research. Our findings portray considerable variations in forecasting skill in between the ten countries and demonstrate that individual model predictions are highly sensitive to parameter assumptions. Significant skill is generally only confirmed for short-term forecasts (up to a few weeks) with some variation across locations and periods.

COVID-19's First Wave: Examination of Impact on Food Purchasing Behaviour in the Eurozone.

COVID-19 has had a negative impact on the living conditions of people in all countries worldwide. With a devastating economic crisis where many families are finding it difficult to pay bills and make ends meet, increases in prices of food basket staples can be very worrying. This study examines the relationship between the incidence of the pandemic during the first wave in 16 Eurozone countries with the variation experienced in food prices. We analysed the harmonised index of consumer food prices (included in HICP) and the classification of the degree of pandemic impact by country, the latter established with the index of deaths provided by the Johns Hopkins Center. The procedure used compared actual food prices during the first wave (March to June 2020) with those foreseeable in the absence of the pandemic. Time series analysis was used, dividing the research period into two phases. In both phases, the Holt-Winters model was applied for estimation and subsequent prediction. After a contrast using Kendall's tau correlation index, it was concluded that in the countries with the highest death rates during the first wave, there was a higher increase in food prices than in the least affected countries of the Eurozone.