A test of space‐time arma modelling and forecasting of hotel data

Phillip E. Pfeifer · Samuel E. Bodily

52 citations0/0 files storedJournal of Forecasting

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Forecasting Techniques and Applications Spatial and Panel Data Analysis Time Series Analysis and Forecasting

Abstract

Abstract This paper describes the application of space‐time ARMA modelling to demand‐related data from eight hotels from a single hotel chain in a large US city. Important spatial characteristics of the space‐time process are incorporated into the model using a simple weighting matrix based on driving distances between the hotels. Using a hold‐out sample, the forecasting performance of this space‐time approach was found to be superior to eight separate univariate ARMA models.

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1977Time Series Analysis: Forecasting and Control 1970A Computer Movie Simulating Urban Growth in the Detroit Region 1980A Three-Stage Iterative Procedure for Space-Time Modeling 1986Combining Economic Forecasts 1986The Forecasting Accuracy of Major Time Series Methods.1969Geographical Filters and their Inverses*1975The Identification of Regional Forecasting Models Using Space: Time Correlation Functions 1975Space-Time Modelling with an Application to Regional Forecasting

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