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The Rationality of EIA Forecasts under Symmetric and Asymmetric Loss AgEcon
Auffhammer, Maximilian.
The United States Energy Information Administration publishes annual forecasts of nationally aggregated energy consumption, production, prices, intensity and GDP. These government issued forecasts often serve as reference cases in the calibration of simulation and econometric models, which climate and energy policy are based on. This study tests for rationality of published EIA forecasts under symmetric and asymmetric loss. We find strong empirical evidence of asymmetric loss for oil, coal and gas prices as well as natural gas consumption, GDP and energy intensity.
Tipo: Working or Discussion Paper Palavras-chave: Forecasting; Asymmetric loss; Energy intensity; Energy Information Administration; Resource /Energy Economics and Policy; Q43; C53.
Ano: 2005 URL: http://purl.umn.edu/25017
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