作者
Andreas Graefe, Helmut Küchenhoff, Veronika Stierle, Bernhard Riedl
发表日期
2015
期刊
International Journal of Forecasting
卷号
31
期号
3
页码范围
943-951
出版商
Elsevier
简介
We compare the accuracies of simple unweighted averages and Ensemble Bayesian Model Averaging (EBMA) for combining forecasts in the social sciences. A review of prior studies from the domain of economic forecasting finds that the simple average was more accurate than EBMA in four studies out of five. On average, the error of EBMA was 5% higher than that of the simple average. A reanalysis and extension of a published study provides further evidence for US presidential election forecasting. The error of EBMA was 33% higher than the corresponding error of the simple average. Simple averages are easy both to describe and to understand, and thus are easy to use. In addition, simple averages provide accurate forecasts in many settings. Researchers who are developing new approaches to combining forecasts need to compare the accuracy of their method to this widely established benchmark …
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