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Forecasting, Volume 2, Issue 1 (March 2020) – 2 articles

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Open AccessArticle
X-Model: Further Development and Possible Modifications
Forecasting 2020, 2(1), 20-35; https://doi.org/10.3390/forecast2010002 - 03 Feb 2020
Viewed by 378
Abstract
The main goal of the present paper is to improve the X-model used for day-ahead electricity price and volume forecasting. The key feature of the X-model is that it makes a day-ahead forecast for the entire wholesale supply and demand curves. The intersection [...] Read more.
The main goal of the present paper is to improve the X-model used for day-ahead electricity price and volume forecasting. The key feature of the X-model is that it makes a day-ahead forecast for the entire wholesale supply and demand curves. The intersection of the predicted curves yields the forecast for equilibrium day-ahead prices and volumes. We take advantage of a technique for auction curves’ transformation to improve the original X-model. Instead of using actual wholesale supply and demand curves, we rely on transformed versions of these curves with perfectly inelastic demand. As a result, the computational requirements of our X-model are reduced and its forecasting power increases. Moreover, our X-model is more robust towards outliers present in the initial auction curves’ data. Full article
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Open AccessArticle
Tuning the Bivariate Meta-Gaussian Distribution Conditionally in Quantifying Precipitation Prediction Uncertainty
Forecasting 2020, 2(1), 1-19; https://doi.org/10.3390/forecast2010001 - 15 Jan 2020
Viewed by 338
Abstract
One of the ways to quantify uncertainty of deterministic forecasts is to construct a joint distribution between the forecast variable and the observed variable; then, the uncertainty of the forecast can be represented by the conditional distribution of the observed given the forecast. [...] Read more.
One of the ways to quantify uncertainty of deterministic forecasts is to construct a joint distribution between the forecast variable and the observed variable; then, the uncertainty of the forecast can be represented by the conditional distribution of the observed given the forecast. The joint distribution of two continuous hydrometeorological variables can often be modeled by the bivariate meta-Gaussian distribution (BMGD). The BMGD can be obtained by transforming each of the two variables to a standard normal variable and the dependence between the transformed variables is provided by the Pearson correlation coefficient of these two variables. The BMGD modeling is exact provided that the transformed joint distribution is standard normal. In real-world applications, however, this normality assumption is hardly fulfilled. This is often the case for the modeling problem we consider in this paper: establish the joint distribution of a forecast variable and its corresponding observed variable for precipitation amounts accumulated over a duration of 24 h. In this case, the BMGD can only serve as an approximate model and the dependence parameter can be estimated in a variety of ways. In this paper, the effect of tuning this parameter is studied. Numerical simulations conducted suggest that, while the parameter tuning results in limited improvements in goodness-of-fit (GOF) for the BMGD as a bivariate distribution model, better results may be achieved by tuning the parameter for the one-dimensional conditional distribution of the observed given the forecast greater than a certain large value. Full article
(This article belongs to the Special Issue Advances in Hydrological Forecasting)
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