Hybrid Grey Forecasting Model for Iran s Energy Consumption and Supply

Hamidreza Mostafaei and Shaghayegh Kordnoori
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Shaghayegh Kordnoori: Statistics Expert of Research Institute for ICT, Tehran, Iran

International Journal of Energy Economics and Policy, 2012, vol. 2, issue 3, 97-102

Abstract: 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.

Keywords: Grey Forecasting Model; Markov Chain; Energy System (search for similar items in EconPapers)
JEL-codes: C15 C53 C63 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2012-03-2

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