4.7 Article

An improved grey multivariable model for predicting industrial energy consumption in China

Journal

APPLIED MATHEMATICAL MODELLING
Volume 40, Issue 11-12, Pages 5745-5758

Publisher

ELSEVIER SCIENCE INC
DOI: 10.1016/j.apm.2016.01.012

Keywords

Grey forecasting; GMC(1, n); Optimal algorithm; Industrial energy consumption; Economic output

Funding

  1. National Natural Science Foundation of China [71101132, 71571157]
  2. Zhejiang Provincial Natural Science Foundation of China [LY15G010005]
  3. National Statistical Science Foundation of China [2015LY08]

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A grey forecasting model based on convolution integral (GMC(1, n)) is an accurate grey multivariable model, which is derived from the GM(1, n) model by adding a control parameter u. n interpolation coefficients, as unknown parameters, are input into the background values of the n variables so as to improve the adaptability of GMC(1, n) on real data. In addition, a nonlinear optimization model is constructed to obtain the optimal parameters that can minimize the modelling error. The modelling and forecasting results as applied to China's industrial energy consumption show that the optimized grey multivariable model exhibits a higher accuracy than GMC(1, n), SARMA and GM(1, 1). The method proposed for the optimization of the background value can significantly promote the modelling and forecasting precision of GMC(1, n). (C) 2016 Elsevier Inc. All rights reserved.

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