 Order effects in judgmental forecastingZoe Theocharis and Nigel Harvey International Journal of Forecasting, 2016, vol. 32, issue 1, 44-60 Abstract: In two experiments, forecasters produced a sequence of five forecasts from different types of time series, either from the nearest horizon to the most distant one (1, 2, 3, 4, 5) or in one of two other orders, both of which required the forecast for the most distant horizon to be made first (‘end-anchoring’). These latter two orders differed in terms of the direction of the remaining forecasts: either a horizon-increasing order (1, 2, 3, 4) or a horizon-decreasing one (4, 3, 2, 1). End-anchoring improved the forecast accuracy, especially for more distant horizons, and resulted in the trajectory of the forecast sequence being closer to the optimal one. The direction of forecasting after end-anchoring affected the forecast quality only when the optimal trajectory of the forecast sequence displayed a strong nonlinearity. End-anchoring provides a simple means of enhancing judgmental forecasts when predictions for a number of horizons are being produced from each series. Keywords: Judgmental forecasting; Time series; Forecasting practice; Evaluating forecasts; Forecasting education (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:intfor:v:32:y:2016:i:1:p:44-60 DOI: 10.1016/j.ijforecast.2015.01.007 Access Statistics for this article International Journal of Forecasting is currently edited by R. J. Hyndman More articles in International Journal of Forecasting from Elsevier |
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