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Short-term forecasting of vegetable prices based on LSTM model—Evidence from Beijing's vegetable data.
- Source :
- PLoS ONE; 7/11/2024, Vol. 19 Issue 7, p1-33, 33p
- Publication Year :
- 2024
-
Abstract
- The vegetable sector is a vital pillar of society and an indispensable part of the national economic structure. As a significant segment of the agricultural market, accurately forecasting vegetable prices holds significant importance. Vegetable market pricing is subject to a myriad of complex influences, resulting in nonlinear patterns that conventional time series methodologies often struggle to decode. In this paper, we exploit the average daily price data of six distinct types of vegetables sourced from seven key wholesale markets in Beijing, spanning from 2009 to 2023. Upon training an LSTM model, we discovered that it exhibited exceptional performance on the test dataset. Demonstrating robust predictive performance across various vegetable categories, the LSTM model shows commendable generalization abilities. Moreover, LSTM model has a higher accuracy compared to several machine learning methods, including CNN-based time series forecasting approaches. With R<superscript>2</superscript> score of 0.958 and MAE of 0.143, our LSTM model registers an enhancement of over 5% in forecast accuracy relative to conventional machine learning counterparts. Therefore, by predicting vegetable prices for the upcoming week, we envision this LSTM model application in real-world settings to aid growers, consumers, and policymakers in facilitating informed decision-making. The insights derived from this forecasting research could augment market transparency and optimize supply chain management. Furthermore, it contributes to the market stability and the balance of supply and demand, offering a valuable reference for the sustainable development of the vegetable industry. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 19326203
- Volume :
- 19
- Issue :
- 7
- Database :
- Complementary Index
- Journal :
- PLoS ONE
- Publication Type :
- Academic Journal
- Accession number :
- 178382750
- Full Text :
- https://doi.org/10.1371/journal.pone.0304881