Parametric seasonal-trend autoregressive neural network for long-term crop price forecasting

Woojin Hong, Seong Cheon Choi and Seungwon Oh

PLOS ONE, 2024, vol. 19, issue 9, 1-16

Abstract: Crop price forecasting is difficult in that supply is not as elastic as demand, therefore, supply and demand should be stabilized through long-term forecasting and pre-response to the price. In this study, we propose a Parametric Seasonal-Trend Autoregressive Neural Network (PaSTANet), which is a hybrid model that includes both a multi-kernel residual convolution neural network model and a Gaussian seasonality-trend model. To compare the performance of the PaSTANet, we used daily data from the Garak market for four crops: onion, radish, Chinese cabbage, and green onion, and performed long-term price forecasts for one year in 2023. The PaSTANet shows good performance on all four crops compared to other conventional statistical and deep learning-based models. In particular, for onion, the (mean absolute error (MAE) for the long-term forecast of 2023 is 107, outperforming the second-best Prophet (152) by 29.6%. Chinese cabbage, radish, and green onion all outperform the existing models with MAE of 2008, 3703, and 557, respectively. Moreover, using the confidence interval, the predicted price was categorized into three intervals: probability, caution, and warning. Comparing the percentage of classified intervals about the true prices in our test set, we found that they accurately detect the large price volatility.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0311199

DOI: 10.1371/journal.pone.0311199

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