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Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model

Year 2012, Volume: 2 Issue: 3, 312 - 319, 01.09.2012

Gholam Hossein Hasantash Hamidreza Mostafaei Shaghayegh Kordnoori

https://izlik.org/JA93RD84XW

Abstract

Grey theory is about systematic analysis of limited information. The Grey-Markov model can improve the accuracy of forecast range in the random fluctuating data sequence. In this paper, we employed this model in energy system. The average errors of Energy Information Administrations predictions for world oil price and domestic crude oil production from 1982 to 2007 and from 1985 to 2008 respectively were used as two forecasted examples. We showed that the proposed Grey-Markov model can improve the forecast accuracy of original Grey forecast model.

Keywords

Grey theory Grey Markov model EIA Oil

Year 2012, Volume: 2 Issue: 3, 312 - 319, 01.09.2012

Gholam Hossein Hasantash Hamidreza Mostafaei Shaghayegh Kordnoori

https://izlik.org/JA93RD84XW

Abstract

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Details

Other ID JA63KP85SK
Authors

Gholam Hossein Hasantash This is me

Hamidreza Mostafaei This is me

Shaghayegh Kordnoori This is me

Publication Date September 1, 2012
IZ https://izlik.org/JA93RD84XW
Published in Issue Year 2012 Volume: 2 Issue: 3

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APA Hasantash, G. H., Mostafaei, H., & Kordnoori, S. (2012). Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model. International Journal of Economics and Financial Issues, 2(3), 312-319. https://izlik.org/JA93RD84XW
AMA 1.Hasantash GH, Mostafaei H, Kordnoori S. Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model. IJEFI. 2012;2(3):312-319. https://izlik.org/JA93RD84XW
Chicago Hasantash, Gholam Hossein, Hamidreza Mostafaei, and Shaghayegh Kordnoori. 2012. “Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model”. International Journal of Economics and Financial Issues 2 (3): 312-19. https://izlik.org/JA93RD84XW.
EndNote Hasantash GH, Mostafaei H, Kordnoori S (September 1, 2012) Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model. International Journal of Economics and Financial Issues 2 3 312–319.
IEEE [1]G. H. Hasantash, H. Mostafaei, and S. Kordnoori, “Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model”, IJEFI, vol. 2, no. 3, pp. 312–319, Sept. 2012, [Online]. Available: https://izlik.org/JA93RD84XW
ISNAD Hasantash, Gholam Hossein - Mostafaei, Hamidreza - Kordnoori, Shaghayegh. “Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model”. International Journal of Economics and Financial Issues 2/3 (September 1, 2012): 312-319. https://izlik.org/JA93RD84XW.
JAMA 1.Hasantash GH, Mostafaei H, Kordnoori S. Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model. IJEFI. 2012;2:312–319.
MLA Hasantash, Gholam Hossein, et al. “Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model”. International Journal of Economics and Financial Issues, vol. 2, no. 3, Sept. 2012, pp. 312-9, https://izlik.org/JA93RD84XW.
Vancouver 1.Gholam Hossein Hasantash, Hamidreza Mostafaei, Shaghayegh Kordnoori. Modelling the Errors of EIA’s Oil Prices and Production Forecasts by the Grey Markov Model. IJEFI [Internet]. 2012 Sep. 1;2(3):312-9. Available from: https://izlik.org/JA93RD84XW