Do Economic Restrictions Improve Forecasts?

Elizabeth A. Murphy, Bailey Norwood () and Michael Wohlgenant ()

No 22208, 2003 Annual meeting, July 27-30, Montreal, Canada from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: A previous study showed that imposing economic restrictions improves the forecasting ability of food demand systems, thus warranting their use even when rejected in-sample. This study attempts to determine whether this is due solely to the fact that restrictions improve degrees of freedom. Results indicate that restrictions improve forecasting ability even when not derived from economic theory, but theoretical restrictions forecast best.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
Pages: 18
Date: 2003
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Related works:
Journal Article: Do Economic Restrictions Improve Forecasts? (2004)
Journal Article: Do Economic Restrictions Improve Forecasts? (2004)
Working Paper: Do Economic Restrictions Improve Forecasts? (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea03:22208

DOI: 10.22004/ag.econ.22208

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