A forecasting approach for truckload spot market pricing

Aysenur Budak, Alp Ustundag and Bulent Guloglu ()

Transportation Research Part A: Policy and Practice, 2017, vol. 97, issue C, 55-68

Abstract: Logistics is an important sector considering the increasingly competitive nature of industry today. Large-scale companies and third-party logistics providers want the most economical and reliable forecasting mechanism for pricing the truckload spot market in the sphere of logistics and supply chains. This paper investigates the price forecasting of the truckload spot market, which is an important area for the determination of future value from the viewpoint of truckers by considering comprehensive variables. Two methodologies are used to determine truckers’ spot price in the freight transport process, which are the artificial neural network and quantile regression, and a price forecasting framework is created. The framework is applied to two approaches: a route-based model and a general model in which all routes are considered together. Real data are used to demonstrate the applicability and feasibility of the proposed method. In this scope forecast performances can be assessed, the best methodology and approach can be selected, and projections can be carried out.

Keywords: Price forecasting; Highway transportation; Artificial neural network; Quantile regression; Truckload spot market pricing (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0965856416302257
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:transa:v:97:y:2017:i:c:p:55-68

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/supportfaq.cws_home/regional
https://shop.elsevie ... _01_ooc_1&version=01

DOI: 10.1016/j.tra.2017.01.002

Access Statistics for this article

Transportation Research Part A: Policy and Practice is currently edited by John (J.M.) Rose

More articles in Transportation Research Part A: Policy and Practice from Elsevier
Bibliographic data for series maintained by Catherine Liu ().