Predicting monthly biofuel production using a hybrid ensemble forecasting methodology

Lean Yu, Shaodong Liang, Rongda Chen and Kin Keung Lai

International Journal of Forecasting, 2022, vol. 38, issue 1, 3-20

Abstract: This paper proposes a hybrid ensemble forecasting methodology that integrating empirical mode decomposition (EMD), long short-term memory (LSTM) and extreme learning machine (ELM) for the monthly biofuel (a typical agriculture-related energy) production based on the principle of decomposition—reconstruction—ensemble. The proposed methodology involves four main steps: data decomposition via EMD, component reconstruction via a fine-to-coarse (FTC) method, individual prediction via LSTM and ELM algorithms, and ensemble prediction via a simple addition (ADD) method. For illustration and verification, the biofuel monthly production data of the USA is used as the our sample data, and the empirical results indicate that the proposed hybrid ensemble forecasting model statistically outperforms all considered benchmark models considered in terms of the forecasting accuracy. This indicates that the proposed hybrid ensemble forecasting methodology integrating the EMD-LSTM-ELM models based on the decomposition—reconstruction—ensemble principle has been proved to be a competitive model for the prediction of biofuel production.

Keywords: Biofuel production forecasting; Hybrid ensemble forecasting; EMD; LSTM; ELM; Fine-to-coarse reconstruction (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfor:v:38:y:2022:i:1:p:3-20

DOI: 10.1016/j.ijforecast.2019.08.014

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