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This research aims to forecast the ABI as a leading indicator of U.S. construction activities, applying multivariate machine learning predictive models over different horizons and utilizing the nonlinear and long-term dependencies between the ABI and macroeconomic and construction market variables. To assess the applicability of the machine learning models, six multivariate machine learning predictive models were developed considering the relationships between the ABI and other construction market and macroeconomic variables. The forecasting performances of the developed predictive models were evaluated in different forecasting scenarios, such as short-term, medium-term, and long-term horizons comparable to the actual timelines of construction projects.

The architecture billings index (ABI) as a macroeconomic indicator is published monthly by the American Institute of Architects (AIA) to evaluate business conditions and track construction market movements. The current research developed multivariate machine learning models to forecast ABI data for different time horizons. Different macroeconomic and construction market variables, including Gross Domestic Product (GDP), Total Nonresidential Construction Spending, Project Inquiries, and Design Contracts data were considered for predicting future ABI values. The forecasting accuracies of the machine learning models were validated and compared using the short-term (one-year-ahead), medium-term (three-year-ahead), and long-term (five-year-ahead) ABI testing datasets.

The experimental results show that Long Short Term Memory (LSTM) provides the highest accuracy among the machine learning and traditional time-series forecasting models such as Vector Error Correction Model (VECM) or seasonal ARIMA in forecasting the ABIs over all the forecasting horizons. This is because of the strengths of LSTM for forecasting temporal time series by solving vanishing or exploding gradient problems and learning long-term dependencies in sequential ABI time series. The findings of this research highlight the applicability of machine learning predictive models for forecasting the ABI as a leading indicator of construction activities, business conditions, and market movements.

The architecture, engineering, and construction (AEC) industry practitioners, investment groups, media outlets, and business leaders refer to ABI as a macroeconomic indicator to evaluate business conditions and track construction market movements. It is crucial to forecast the ABI accurately for strategic planning and preemptive risk management in fluctuating AEC business cycles. For example, cost estimators and engineers who forecast the ABI to predict future demand for architectural services and construction activities can prepare and price their bids more strategically to avoid a bid loss or profit loss.

The ABI data have been forecasted and modeled using linear time series models. However, linear time series models often fail to capture nonlinear patterns, interactions, and dependencies among variables, which can be handled by machine learning models in a more flexible manner. Despite the strength of machine learning models to capture nonlinear patterns and relationships between variables, the applicability and forecasting performance of multivariate machine learning models have not been investigated for ABI forecasting problems. This research first attempted to forecast ABI data for different time horizons using multivariate machine learning predictive models using different macroeconomic and construction market variables.

This study aims to critically evaluate the competitiveness of Transformer-based models in financial forecasting, specifically in the context of stock realized volatility forecasting. It seeks to challenge and extend upon the assertions of Zeng et al. (2023) regarding the purported limitations of these models in handling temporal information in financial time series.

Employing a robust methodological framework, the study systematically compares a range of Transformer models, including first-generation and advanced iterations like Informer, Autoformer, and PatchTST, against benchmark models (HAR, NBEATSx, NHITS, and TimesNet). The evaluation encompasses 80 different stocks, four error metrics, four statistical tests, and three robustness tests designed to reflect diverse market conditions and data availability scenarios.

The research uncovers that while first-generation Transformer models, like TFT, underperform in financial forecasting, second-generation models like Informer, Autoformer, and PatchTST demonstrate remarkable efficacy, especially in scenarios characterized by limited historical data and market volatility. The study also highlights the nuanced performance of these models across different forecasting horizons and error metrics, showcasing their potential as robust tools in financial forecasting, which contradicts the findings of Zeng et al. (2023)

This paper contributes to the financial forecasting literature by providing a comprehensive analysis of the applicability of Transformer-based models in this domain. It offers new insights into the capabilities of these models, especially their adaptability to different market conditions and forecasting requirements, challenging the existing skepticism created by Zeng et al. (2023) about their utility in financial forecasting.

The purpose of this paper is to apply and verify Fourier series analysis in combination with non-linear regression as a tool of forecasting and planning of inputs in the logistics process of a retail chain store.

For many popular products, a significant effect of seasonality of sales is expected; therefore, the method of Fourier series was chosen as one of the main forecast calculation techniques. However, the use of this method directly for forecasting sales has a limitation in the form of a complete reconstruction of the shape of the curve from of the given monitored time. Thus, the forecast is based only on the significant harmonic components from the Fourier series analysis that will participate in forecast forming. In addition, to respect the trend of series, the results of Fourier series analysis are combined with the non-linear regression.

The results showed that the number of significant harmonic components from the Fourier series analysis is suitable to reflect the future behaviour of the sale in standard market conditions. Forecasting of the sale and accurate purchase planning of goods has a positive effect on reducing the waste of unsold products after their shelf and on increasing of a customer satisfaction.

This study has an application in a certain period of time (relatively calm behaviour of the food market) and only for a certain region. Therefore, it is not possible to generalize these results as the behaviour of consumers, e.g. within the state. It will also be interesting to monitor and forecast sales of other food items.

This provides a practical and relatively simple tool for implementing or improving the process of forecasting seasonally dependent products in the food industry.

This study shows the possibility of forecast that is based on adding the significant harmonic components from the Fourier series analysis to form forecast with the non-linear regression.

Given the unique nature of business events tourism, this paper evaluates the forecasting performance of various models using search query data (SQD) to forecast convention attendance.

This research uses monthly and quarterly business event attendance data from both the U.S. (Las Vegas) and China (Macau) markets. Using SQD as the input, we evaluated and compared the cutting-edge forecasting models including Prophet and Long Short-Term Memory (LSTM).

The study reveals that Prophet outperforms complex neural network models in forecasting business event tourism demand. Keywords related to convention facilities, conventions or exhibitions, and transportation are proven to be useful in forecasting business travel demand.

Prophet is an accessible forecasting model for event-tourism practitioners, especially useful in the volatile business event tourism sector. Using verified search keywords in models helps understand traveler motivations and aids event planning.

Our study is among the first to empirically evaluate the performance of forecasting models for business travel demand. In comparison with other mainstream forecasting models, our study extends the scope to examine both the U.S. and Chinese markets.

House price fluctuations send vital signals to many parts of the economy, and long-term predictions of house prices are of great interest to governments and property developers. Although predictive models based on economic fundamentals are widely used, the common requirement for such studies is that underlying data are stationary. This paper aims to demonstrate the usefulness of alternative filtering methods for forecasting house prices.

We specifically focus on exponential smoothing with trend adjustment and multiplicative decomposition using median house prices for Sydney from Q3 1994 to Q1 2017. The model performance is evaluated using out-of-sample forecasting techniques and a robustness check against secondary data sources.

Multiplicative decomposition outperforms exponential smoothing at forecasting accuracy. The superior decomposition model suggests that seasonal and cyclical components provide important additional information for predicting house prices. The forecasts for 2017–2028 suggest that prices will slowly increase, going past 2016 levels by 2020 in the apartment market and by 2022/2023 in the detached housing market.

We demonstrate that filtering models are simple (univariate models that only require historical house prices), easy to implement (with no condition of stationarity) and widely used in financial trading, sports betting and other fields where producing accurate forecasts is more important than explaining the drivers of change. The paper puts forward a case for the inclusion of filtering models within the forecasting toolkit as a useful reference point for comparing forecasts from alternative models.

To the best of the authors’ knowledge, this paper undertakes the first systematic comparison of two filtering models for the Sydney housing market.

A major concern for policymakers and researchers is to ascertain the movement of price levels and employment rates. Predicting the trends of these variables will assist the government in making policies to stabilize the economy. The objective of this chapter is to forecast the unemployment rate and Consumer Price Index (CPI) for the period 2022 to 2031 for the Indian economy. For this purpose, the authors analyse the prediction capability of the univariate auto-regressive integrated moving average (ARIMA) model and the vector autoregressive (VAR) model. The dataset for India's annual CPI and unemployment rate pertains to a 30-year time period from 1991 to 2021. The result shows that the inflation forecasts derived from the ARIMA model are more precise than that of the VAR model. Whereas, unemployment rate forecasts obtained from the VAR model are more reliable than that of the ARIMA model. It is also observed that predicted unemployment rates hover around 5.7% in the forthcoming years, while the forecasted inflation rate witnesses an increasing trend.

A time-varying grey Fourier model (TVGFM(1,1,N)) is proposed for the simulation of variable amplitude seasonal fluctuation time series, as the performance of traditional grey models can't catch the time-varying trend well.

The proposed model couples Fourier series and linear time-varying terms as the grey action, to describe the characteristics of variable amplitude and seasonality. The truncated Fourier order N is preselected from the alternative order set by Nyquist-Shannon sampling theorem and the principle of simplicity, then the optimal Fourier order is determined by hold-out method to improve the robustness of the proposed model. Initial value correction and the multiple transformation are also studied to improve the precision.

The new model has a broader applicability range as a result of the new grey action, attaining higher fitting and forecasting accuracy. The numerical experiment of a generated monthly time series indicates the proposed model can accurately fit the variable amplitude seasonal sequence, in which the mean absolute percentage error (MAPE) is only 0.01%, and the complex simulations based on Monte-Carlo method testify the validity of the proposed model. The results of monthly electricity consumption in China's primary industry, demonstrate the proposed model catches the time-varying trend and has good performances, where MAPE_F and MAPE_T are below 5%. Moreover, the proposed TVGFM(1,1,N) model is superior to the benchmark models, grey polynomial model (GMP(1,1,N)), grey Fourier model (GFM(1,1,N)), seasonal grey model (SGM(1,1)), seasonal ARIMA model seasonal autoregressive integrated moving average model (SARIMA) and support vector regression (SVR).

The parameter estimates and forecasting of the new proposed TVGFM are studied, and the good fitting and forecasting accuracy of time-varying amplitude seasonal fluctuation series are testified by numerical simulations and a case study.

The aim of this paper is to provide a narrative review of previous research on tourism demand modelling and forecasting and potential future developments.

A narrative approach is taken in this review of the current body of knowledge.

Significant methodological advancements in tourism demand modelling and forecasting over the past two decades are identified.

The distinct characteristics of the various methods applied in the field are summarised and a research agenda for future investigations is proposed.

本文旨在对先前关于旅游需求建模和预测的研究进行叙述性回顾并对未来潜在发展进行展望。

本文采用叙述性回顾方法对当前知识体系进行了评论。

本文确认了过去二十年旅游需求建模和预测方法论方面的重要进展。

本文总结了该领域应用的各种方法的独特特征, 并对未来研究提出了建议。

El objetivo de este documento es ofrecer una revisión narrativa de la investigación previa sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros.

En esta revisión del marco actual de conocimientos sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros,se adopta un enfoque narrativo.

Se identifican avances metodológicos significativos en la modelización y previsión de la demanda turística en las dos últimas décadas.

Se resumen las características propias de los diversos métodos aplicados en este campo y se propone una agenda de investigación para futuros trabajos.

This study aims to develop a robust long short-term memory (LSTM)-based forecasting model for daily international tourist arrivals at Incheon International Airport (ICN), incorporating multiple predictors including exchange rates, West Texas Intermediate (WTI) oil prices, Korea composite stock price index data and new COVID-19 cases. By leveraging deep learning techniques and diverse data sets, the research seeks to enhance the accuracy and reliability of tourism demand predictions, contributing significantly to both theoretical implications and practical applications in the field of hospitality and tourism.

This study introduces an innovative approach to forecasting international tourist arrivals by leveraging LSTM networks. This advanced methodology addresses complex managerial issues in tourism management by providing more accurate forecasts. The methodology comprises four key steps: collecting data sets; preprocessing the data; training the LSTM network; and forecasting future international tourist arrivals. The rest of this study is structured as follows: the subsequent sections detail the proposed LSTM model, present the empirical results and discuss the findings, conclusions and the theoretical and practical implications of the study in the field of hospitality and tourism.

This research pioneers the simultaneous use of big data encompassing five factors – international tourist arrivals, exchange rates, WTI oil prices, KOSPI data and new COVID-19 cases – for daily forecasting. The study reveals that integrating exchange rates, oil prices, stock market data and COVID-19 cases significantly enhances LSTM network forecasting precision. It addresses the narrow scope of existing research on predicting international tourist arrivals at ICN with these factors. Moreover, the study demonstrates LSTM networks’ capability to effectively handle multivariable time series prediction problems, providing a robust basis for their application in hospitality and tourism management.

This research pioneers the integration of international tourist arrivals, exchange rates, WTI oil prices, KOSPI data and new COVID-19 cases for forecasting daily international tourist arrivals. It bridges the gap in existing literature by proposing a comprehensive approach that considers multiple predictors simultaneously. Furthermore, it demonstrates the effectiveness of LSTM networks in handling multivariable time series forecasting problems, offering practical insights for enhancing tourism demand predictions. By addressing these critical factors and leveraging advanced deep learning techniques, this study contributes significantly to the advancement of forecasting methodologies in the tourism industry, aiding decision-makers in effective planning and resource allocation.

本研究旨在开发一种基于LSTM的强大预测模型, 用于预测仁川国际机场的日常国际游客抵达量, 结合多种预测因素, 包括汇率、WTI原油价格、韩国综合股价指数 (KOSPI) 数据和新冠疫情病例。通过利用深度学习技术和多样化数据集, 研究旨在提升旅游需求预测的准确性和可靠性, 对酒店与旅游领域的理论和实际应用有重要贡献。

本研究通过利用长短期记忆（LSTM）网络引入创新方法, 预测国际游客抵达量。这一先进方法解决了旅游管理中的复杂管理问题, 提供了更精确的预测。方法论包括四个关键步骤: (1) 收集数据集; (2) 数据预处理; (3) 训练LSTM网络; 以及 (4) 预测未来的国际游客抵达量。本文的其余部分结构如下：后续部分详细介绍了提出的LSTM模型, 呈现了实证结果, 并讨论了研究的发现、结论以及在酒店与旅游领域的理论和实际意义。

本研究首次同时使用包括国际游客抵达量、汇率、原油价格、股市数据和新冠疫情病例在内的大数据进行日常预测。研究显示, 整合汇率、原油价格、股市数据和新冠疫情病例显著增强了LSTM网络的预测精度。研究填补了现有研究在使用这些因素预测仁川国际机场国际游客抵达量的狭窄范围。此外, 研究证明了LSTM网络在处理多变量时间序列预测问题上的能力, 为其在酒店与旅游管理中的应用提供了坚实基础。

本研究首次将国际游客抵达量、汇率、WTI原油价格、KOSPI数据和新冠疫情病例整合到日常国际游客抵达量的预测中。它通过提出同时考虑多个预测因素的全面方法, 弥合了现有文献的差距。此外, 研究展示了LSTM网络在处理多变量时间序列预测问题方面的有效性, 为增强旅游需求预测提供了实用见解。通过处理这些关键因素并利用先进的深度学习技术, 本研究在旅游业预测方法的进步中做出了重要贡献, 帮助决策者进行有效的规划和资源配置。

Radical changes in consumer habits induced by the coronavirus disease (COVID-19) pandemic suggest that the usual demand forecasting techniques based on historical series are questionable. This is particularly true for hospitality demand, which has been dramatically affected by the pandemic. Accordingly, we investigate the suitability of tourists’ activity on Twitter as a predictor of hospitality demand in the Way of Saint James – an important pilgrimage tourism destination.

This study compares the predictive performance of the seasonal autoregressive integrated moving average (SARIMA) time-series model with that of the SARIMA with an exogenous variables (SARIMAX) model to forecast hotel tourism demand. For this, 110,456 tweets posted on Twitter between January 2018 and September 2022 are used as exogenous variables.

The results confirm that the predictions of traditional time-series models for tourist demand can be significantly improved by including tourist activity on Twitter. Twitter data could be an effective tool for improving the forecasting accuracy of tourism demand in real-time, which has relevant implications for tourism management. This study also provides a better understanding of tourists’ digital footprints in pilgrimage tourism.

This study contributes to the scarce literature on the digitalisation of pilgrimage tourism and forecasting hotel demand using a new methodological framework based on Twitter user-generated content. This can enable hospitality industry practitioners to convert social media data into relevant information for hospitality management.

2019冠狀病毒病引致消費者習慣有根本的改變; 這些改變顯示，根據歷史序列而運作的慣常需求預測技巧未必是正確的。這不確性尤以受到大流行極大影響的酒店服務需求為甚。因此，我們擬探討、若把在推特網站上的旅遊活動視為聖雅各之路 (一個重要的朝聖旅遊聖地) 酒店服務需求的預測器，這會否是合適的呢?

本研究比較 SARIMA 時間序列模型與附有外生變數 (SARIMAX)模型兩者在預測旅遊及酒店服務需求方面的表現。為此，研究人員收集在推特網站上發佈的資訊，作為外生變數進行研究。這個樣本涵蓋於2018年1月至2022年9月期間110,456個發佈資訊。

研究結果確認了傳統的時間序列模型，若涵蓋推特網站上的旅遊活動，則其對旅遊需求方面的預測會得到顯著的改善。推特網站的數據，就改善預測實時旅遊需求的準確度，或許可成為有效的工具; 而這發現對旅遊管理會有一定的意義。本研究亦讓我們進一步瞭解朝聖旅遊方面旅客的數碼足跡。

現存文獻甚少探討朝聖旅遊的數字化，而本研究不但在這方面充實了有關的文獻，還使用了一個根據推特網站上使用者原創內容嶄新的方法框架，進行分析和探討。這會幫助酒店從業人員把社交媒體數據轉變為可供酒店管理之用的合宜資訊。