Expert Adjustments of Model Forecasts
Theory, Practice and Strategies for Improvement
1st Edition
Published on 24. September 2014
978-1-316-12183-2 (ISBN)
Description
To what extent should anybody who has to make model forecasts generated from detailed data analysis adjust their forecasts based on their own intuition? In this book, Philip Hans Franses, one of Europe's leading econometricians, presents the notion that many publicly available forecasts have experienced an 'expert's touch', and questions whether this type of intervention is useful and if a lighter adjustment would be more beneficial. Covering an extensive research area, this accessible book brings together current theoretical insights and new empirical results to examine expert adjustment from an econometric perspective. The author's analysis is based on a range of real forecasts and the datasets upon which the forecasters relied. The various motivations behind experts' modifications are considered, and guidelines for creating more useful and reliable adjusted forecasts are suggested. This book will appeal to academics and practitioners with an interest in forecasting methodology.
Reviews / Votes
'All economic and business forecasting involves judgment to some extent, but most books focus on the application of statistical methods. At last we have a book that directly addresses the role of judgment in forecasting and applies a set of rigorous methods to assess its potential strengths and limitations.' Paul Goodwin, Emeritus Professor, University of Bath 'This monograph is an important substantial analysis of a crucial aspect of forecasting practice that is often treated far too casually. Expert interventions on model-based forecasts are ubiquitous, but rarely subject to formal analysis. This book will be valuable in practice and a stimulus to researchers.' Derek Bunn, London Business SchoolMore details
Language
English
Place of publication
Cambridge
United Kingdom
Publishing group
Cambridge University Press
Target group
Professional and scholarly
Illustrations
18 Tables, black and white; 9 Line drawings, unspecified
File size
1130,21 MB
ISBN-13
978-1-316-12183-2 (9781316121832)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Philip Hans Franses
Expert Adjustments of Model Forecasts
Theory, Practice and Strategies for Improvement
Book
10/2014
Cambridge University Press
€80.20
Shipment within 15-20 days
Philip Hans Franses
Expert Adjustments of Model Forecasts
Theory, Practice and Strategies for Improvement
Book
10/2014
Cambridge University Press
€45.30
Shipment within 15-20 days
Person
Philip Hans Franses is Professor of Applied Econometrics and Professor of Marketing Research at the Erasmus University Rotterdam. Since 2006 he has served as the Dean of the Erasmus School of Economics. His research interests concern the development and application of econometric methods for problems in marketing, finance and macroeconomics.
Content
Preface; 1. Introduction; 2. Optimal behavior of experts; 3. Observed behavior of experts; 4. How accurate are expert-adjusted forecasts?; 5. How can forecasts be improved?; 6. Conclusion, limitations and implications; Data appendix; References; Index.
