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Article
Publication date: 31 May 2022

Ye Li, Xue Bai, Bin Liu and Yuying Yang

In order to accurately forecast nonlinear and complex characteristics of solar power generation in China, a novel discrete grey model with time-delayed power term (abbreviated as

Abstract

Purpose

In order to accurately forecast nonlinear and complex characteristics of solar power generation in China, a novel discrete grey model with time-delayed power term (abbreviated as TDDGM(1,1,tα) is proposed in this paper.

Design/methodology/approach

Firstly, the time response function is deduced by using mathematical induction, which overcomes the defects of the traditional grey model. Then, the genetic algorithm is employed to determine the optimal nonlinear parameter to improve the flexibility and adaptability of the model. Finally, two real cases of installed solar capacity forecasting are given to verify the proposed model, showing its remarkable superiority over seven existing grey models.

Findings

Given the reliability and superiority of the model, the model TDDGM(1,1,tα) is applied to forecast the development trend of China's solar power generation in the coming years. The results show that the proposed model has higher prediction accuracy than the comparison models.

Practical implications

This paper provides a scientific and efficient method for forecasting solar power generation in China with nonlinear and complex characteristics. The forecast results can provide data support for government departments to formulate solar industry development policies.

Originality/value

The main contribution of this paper is to propose a novel discrete grey model with time-delayed power term, which can handle nonlinear and complex time series more effectively. In addition, the genetic algorithm is employed to search for optimal parameters, which improves the prediction accuracy of the model.

Details

Grey Systems: Theory and Application, vol. 13 no. 1
Type: Research Article
ISSN: 2043-9377

Keywords

Article
Publication date: 3 August 2020

Chong Liu, Wanli Xie, Tongfei Lao, Yu-ting Yao and Jun Zhang

Gross domestic product (GDP) is an important indicator to measure a country's economic development. If the future development trend of a country's GDP can be accurately predicted…

Abstract

Purpose

Gross domestic product (GDP) is an important indicator to measure a country's economic development. If the future development trend of a country's GDP can be accurately predicted, it will have a positive effect on the formulation and implementation of the country's future economic development policies. In order to explore the future development trend of China's GDP, the purpose of this paper is to establish a new grey forecasting model with time power term to forecast GDP.

Design/methodology/approach

Firstly, the shortcomings of the traditional grey prediction model with time power term are found out through analysis, and then the generalized grey prediction model with time power term is established (abbreviated as PTGM (1,1, α) model). Secondly, the PTGM (1,1, α) model is improved by linear interpolation method, and the optimized PTGM (1,1, α) model is established (abbreviated as OPTGM (1,1, α) model), and the parameters of the OPTGM (1,1, α) model are solved by the quantum genetic algorithm. Thirdly, the advantage of the OPTGM (1,1, α) model over the traditional grey models is illustrated by two real cases. Finally the OPTGM (1,1, α) model is used to predict China's GDP from 2020 to 2029.

Findings

The OPTGM (1,1, α) model is more suitable for predicting China's GDP than other grey prediction models.

Originality/value

A new grey prediction model with time power term is proposed.

Details

Grey Systems: Theory and Application, vol. 11 no. 3
Type: Research Article
ISSN: 2043-9377

Keywords

Article
Publication date: 11 October 2023

Yuhong Wang and Qi Si

This study aims to predict China's carbon emission intensity and put forward a set of policy recommendations for further development of a low-carbon economy in China.

Abstract

Purpose

This study aims to predict China's carbon emission intensity and put forward a set of policy recommendations for further development of a low-carbon economy in China.

Design/methodology/approach

In this paper, the Interaction Effect Grey Power Model of N Variables (IEGPM(1,N)) is developed, and the Dragonfly algorithm (DA) is used to select the best power index for the model. Specific model construction methods and rigorous mathematical proofs are given. In order to verify the applicability and validity, this paper compares the model with the traditional grey model and simulates the carbon emission intensity of China from 2014 to 2021. In addition, the new model is used to predict the carbon emission intensity of China from 2022 to 2025, which can provide a reference for the 14th Five-Year Plan to develop a scientific emission reduction path.

Findings

The results show that if the Chinese government does not take effective policy measures in the future, carbon emission intensity will not achieve the set goals. The IEGPM(1,N) model also provides reliable results and works well in simulation and prediction.

Originality/value

The paper considers the nonlinear and interactive effect of input variables in the system's behavior and proposes an improved grey multivariable model, which fills the gap in previous studies.

Details

Grey Systems: Theory and Application, vol. 14 no. 1
Type: Research Article
ISSN: 2043-9377

Keywords

Article
Publication date: 6 January 2022

Wuyong Qian, Hao Zhang, Aodi Sui and Yuhong Wang

The purpose of this study is to make a prediction of China's energy consumption structure from the perspective of compositional data and construct a novel grey model for…

Abstract

Purpose

The purpose of this study is to make a prediction of China's energy consumption structure from the perspective of compositional data and construct a novel grey model for forecasting compositional data.

Design/methodology/approach

Due to the existing grey prediction model based on compositional data cannot effectively excavate the evolution law of correlation dimension sequence of compositional data. Thus, the adaptive discrete grey prediction model with innovation term based on compositional data is proposed to forecast the integral structure of China's energy consumption. The prediction results from the new model are then compared with three existing approaches and the comparison results indicate that the proposed model generally outperforms existing methods. A further prediction of China's energy consumption structure is conducted into a future horizon from 2021 to 2035 by using the model.

Findings

China's energy structure will change significantly in the medium and long term and China's energy consumption structure can reach the long-term goal. Besides, the proposed model can better mine and predict the development trend of single time series after the transformation of compositional data.

Originality/value

The paper considers the dynamic change of grey action quantity, the characteristics of compositional data and the impact of new information about the system itself on the current system development trend and proposes a novel adaptive discrete grey prediction model with innovation term based on compositional data, which fills the gap in previous studies.

Details

Grey Systems: Theory and Application, vol. 12 no. 3
Type: Research Article
ISSN: 2043-9377

Keywords

Article
Publication date: 5 July 2022

Xianting Yao and Shuhua Mao

Given the effects of natural and social factors, data on both the supply and demand sides of electricity will produce obvious seasonal fluctuations. The purpose of this article is…

Abstract

Purpose

Given the effects of natural and social factors, data on both the supply and demand sides of electricity will produce obvious seasonal fluctuations. The purpose of this article is to propose a new dynamic seasonal grey model based on PSO-SVR to forecast the production and consumption of electric energy.

Design/methodology/approach

In the model design, firstly, the parameters of the SVR are initially optimized by the PSO algorithm for the estimation of the dynamic seasonal operator. Then, the seasonal fluctuations in the electricity demand data are eliminated using the dynamic seasonal operator. After that, the time series after eliminating of the seasonal fluctuations are used as the training set of the DSGM(1, 1) model, and the corresponding fitted, and predicted values are calculated. Finally, the seasonal reduction is performed to obtain the final prediction results.

Findings

This study found that the electricity supply and demand data have obvious seasonal and nonlinear characteristics. The dynamic seasonal grey model based on PSO-SVR performs significantly better than the comparative model for hourly and monthly data as well as for different time durations, indicating that the model is more accurate and robust in seasonal electricity forecasting.

Originality/value

Considering the seasonal and nonlinear fluctuation characteristics of electricity data. In this paper, a dynamic seasonal grey model based on PSO-SVR is established to predict the consumption and production of electric energy.

Details

Grey Systems: Theory and Application, vol. 13 no. 1
Type: Research Article
ISSN: 2043-9377

Keywords

Article
Publication date: 5 January 2024

Wenhao Zhou, Hailin Li, Hufeng Li, Liping Zhang and Weibin Lin

Given the regional heterogeneity of economic development, electricity consumption in various regions exhibits a discrepant growth pattern. The purpose of this study is to…

Abstract

Purpose

Given the regional heterogeneity of economic development, electricity consumption in various regions exhibits a discrepant growth pattern. The purpose of this study is to construct a grey system forecasting model with intelligent parameters for predicting provincial electricity consumption in China.

Design/methodology/approach

First, parameter optimization and structural expansion are simultaneously integrated into a unified grey system prediction framework, enhancing its adaptive capabilities. Second, by setting the minimum simulation percentage error as the optimization goal, the authors apply the particle swarm optimization (PSO) algorithm to search for the optimal grey generation order and background value coefficient. Third, to assess the performance across diverse power consumption systems, the authors use two electricity consumption cases and select eight other benchmark models to analyze the simulation and prediction errors. Further, the authors conduct simulations and trend predictions using data from all 31 provinces in China, analyzing and predicting the development trends in electricity consumption for each province from 2021 to 2026.

Findings

The study identifies significant heterogeneity in the development trends of electricity consumption systems among diverse provinces in China. The grey prediction model, optimized with multiple intelligent parameters, demonstrates superior adaptability and dynamic adjustment capabilities compared to traditional fixed-parameter models. Outperforming benchmark models across various evaluation indicators such as root mean square error (RMSE), average percentage error and Theil’s index, the new model establishes its robustness in predicting electricity system behavior.

Originality/value

Acknowledging the limitations of traditional grey prediction models in capturing diverse growth patterns under fixed-generation orders, single structures and unadjustable background values, this study proposes a fractional grey intelligent prediction model with multiple parameter optimization. By incorporating multiple parameter optimizations and structure expansion, it substantiates the model’s superiority in forecasting provincial electricity consumption.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 3 October 2016

Hui-Wen Vivian Tang and Tzu-chin Rojoice Chou

The purpose of this paper is to evaluate the forecasting performance of grey prediction models on educational attainment vis-à-vis that of exponential smoothing combined with

Abstract

Purpose

The purpose of this paper is to evaluate the forecasting performance of grey prediction models on educational attainment vis-à-vis that of exponential smoothing combined with multiple linear regression employed by the National Center for Education Statistics (NCES).

Design/methodology/approach

An out-of-sample forecasting experiment was carried out to compare the forecasting performances on educational attainments among GM(1,1), GM(1,1) rolling, FGM(1,1) derived from the grey system theory and exponential smoothing prediction combined with multivariate regression. The predictive power of each model was measured based on MAD, MAPE, RMSE and simple F-test of equal variance.

Findings

The forecasting efficiency evaluated by MAD, MAPE, RMSE and simple F-test of equal variance revealed that the GM(1,1) rolling model displays promise for use in forecasting educational attainment.

Research limitations/implications

Since the possible inadequacy of MAD, MAPE, RMSE and F-type test of equal variance was documented in the literature, further large-scale forecasting comparison studies may be done to test the prediction powers of grey prediction and its competing out-of-sample forecasts by other alternative measures of accuracy.

Practical implications

The findings of this study would be useful for NCES and professional forecasters who are expected to provide government authorities and education policy makers with accurate information for planning future policy directions and optimizing decision-making.

Originality/value

As a continuing effort to evaluate the forecasting efficiency of grey prediction models, the present study provided accumulated evidence for the predictive power of grey prediction on short-term forecasts of educational statistics.

Details

Kybernetes, vol. 45 no. 9
Type: Research Article
ISSN: 0368-492X

Keywords

Open Access
Article
Publication date: 18 April 2018

Bahar Doryab and Mahdi Salehi

This study aims to use gray models to predict abnormal stock returns.

2939

Abstract

Purpose

This study aims to use gray models to predict abnormal stock returns.

Design/methodology/approach

Data are collected from listed companies in the Tehran Stock Exchange during 2005-2015. The analyses portray three models, namely, the gray model, the nonlinear gray Bernoulli model and the Nash nonlinear gray Bernoulli model.

Findings

Results show that the Nash nonlinear gray Bernoulli model can predict abnormal stock returns that are defined by conditions other than gray models which predict increases, and then after checking regression models, the Bernoulli regression model is defined, which gives higher accuracy and fewer errors than the other two models.

Originality/value

The stock market is one of the most important markets, which is influenced by several factors. Thus, accurate and reliable techniques are necessary to help investors and consumers find detailed and exact ways to predict the stock market.

Details

Journal of Economics, Finance and Administrative Science, vol. 23 no. 44
Type: Research Article
ISSN: 2077-1886

Keywords

Article
Publication date: 6 January 2023

Cuiwei Mao, Xiaoyi Gou and Bo Zeng

This paper aims to overcome the problem that the single structure of the driving term of the grey prediction model is not adapted to the complexity and diversity of the actual…

152

Abstract

Purpose

This paper aims to overcome the problem that the single structure of the driving term of the grey prediction model is not adapted to the complexity and diversity of the actual modeling objects, which leads to poor modeling results.

Design/methodology/approach

Firstly, the nonlinear law between the raw data and time point is fully mined by expanding the nonlinear term and the range of order. Secondly, through the synchronous optimization of model structure and parameter, the dynamic adjustment of the model with the change of the modeled object is realized. Finally, the objective optimization of nonlinear driving term and cumulative order of the model is realized by particle swarm optimization PSO algorithm.

Findings

The model can achieve strong compatibility with multiple existing models through parameter transformation. The synchronous optimization of model structure and parameter has a significant improvement over the single optimization method. The new model has a wide range of applications and strong modeling capabilities.

Originality/value

A novel grey prediction model with structure variability and optimizing parameter synchronization is proposed.

Highlights

The highlights of the paper are as follows:

  1. A new grey prediction model with a unified nonlinear structure is proposed.

  2. The new model can be fully compatible with multiple traditional grey models.

  3. The new model solves the defect of poor adaptability of the traditional grey models.

  4. The parameters of the new model are optimized by PSO algorithm.

  5. Cases verify that the new model outperforms other models significantly.

A new grey prediction model with a unified nonlinear structure is proposed.

The new model can be fully compatible with multiple traditional grey models.

The new model solves the defect of poor adaptability of the traditional grey models.

The parameters of the new model are optimized by PSO algorithm.

Cases verify that the new model outperforms other models significantly.

Article
Publication date: 15 July 2021

Sandang Guo and Yaqian Jing

In order to accurately predict the uncertain and nonlinear characteristics of China's three clean energy generation, this paper presents a novel time-varying grey Riccati model

Abstract

Purpose

In order to accurately predict the uncertain and nonlinear characteristics of China's three clean energy generation, this paper presents a novel time-varying grey Riccati model (TGRM(1,1)) based on interval grey number sequences.

Design/methodology/approach

By combining grey Verhulst model and a special kind of Riccati equation and introducing a time-varying parameter and random disturbance term the authors advance a TGRM(1,1) based on interval grey number sequences. Additionally, interval grey number sequences are converted into middle value sequences and trapezoid area sequences by using geometric characteristics. Then the predicted formula is obtained by using differential equation principle. Finally, the proposed model's predictive effect is evaluated by three numerical examples of China's clean energy generation.

Findings

Based on the interval grey number sequences, the TGRM(1,1) is applied to predict the development trend of China's wind power generation, China's hydropower generation and China's nuclear power generation, respectively, to verify the effectiveness of the novel model. The results show that the proposed model has better simulated and predicted performance than compared models.

Practical implications

Due to the uncertain information and continuous changing of clean energy generation in the past decade, interval grey number sequences are introduced to characterize full information of the annual clean energy generation data. And the novel TGRM(1,1) is applied to predict upper and lower bound values of China's clean energy generation, which is significant to give directions for energy policy improvements and modifications.

Originality/value

The main contribution of this paper is to propose a novel TGRM(1,1) based on interval grey number sequences, which considers the changes of parameters over time by introducing a time-varying parameter and random disturbance term. In addition, the model introduces the Riccati equation into classic Verhulst, which has higher practicability and prediction accuracy.

Details

Grey Systems: Theory and Application, vol. 12 no. 3
Type: Research Article
ISSN: 2043-9377

Keywords

1 – 10 of over 3000