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A Comprehensive Evaluation of USDA Cotton Forecasts
Provedor de dados: Research in Agricultural & Applied Economics (AgEcon Searh)
Autores: Isengildina-Massa,   Olga; MacDonald,   Stephen; Xie,   Ran.
This study evaluates all USDA cotton supply and demand estimates for the United States and China (including unpublished price forecasts) from 1985/86 through 2009/10 for accuracy and efficiency. Results reveal that at every stage of the forecasting cycle forecast smoothing was the most widespread and persistent type of inefficiency observed in most U.S. variables. Correlation with past errors indicated the tendency to repeat past errors in most cases. Tendency to overestimate growth was also found. Bias was uncommon and limited to several cases of overestimation of China’s exports and U.S. price and underestimation of China’s domestic use. While forecasts of China’s imports and endings stocks improved, U.S. price and ending stock forecast errors became...
Tipo: Article
Palavras-chave: Cotton; Forecast accuracy; Forecast efficiency; Forecast evaluation; Forecast smoothing; USDA forecasts; Agricultural Finance; Crop Production/Industries.
Ano: 2012
URL: http://purl.umn.edu/122314