Not only the Weather: Workshop on Advances in Economic Forecasting
When we are talking about forecasting, most of us associate it with the weather, come rain or shine. However, forecasting is also a big issue in the economic sector, where forecasts inform the decisions of policymakers, businesses and consumers alike. On June 6, 2016, the Computational Statistics (CST) group at HITS (group leader: Prof. Tilmann Gneiting) hosted a workshop on “Advances in Economic Forecasting”.
After the welcome by Dr. Fabian Krüger (CST group member) in the Studio Villa Bosch, 17 experts discussed different aspects of forecasting, focusing on recent techniques for combining and evaluating forecasts. One of the crucial topics was how probabilistic forecasting can help to predict macroeconomic developments, and provide realistic assessments of the associated forecast uncertainty.
About HITS
HITS, the Heidelberg Institute for Theoretical Studies, was established in 2010 by physicist and SAP co-founder Klaus Tschira (1940-2015) and the Klaus Tschira Foundation as a private, non-profit research institute. HITS conducts basic research in the natural, mathematical, and computer sciences. Major research directions include complex simulations across scales, making sense of data, and enabling science via computational research. Application areas range from molecular biology to astrophysics. An essential characteristic of the Institute is interdisciplinarity, implemented in numerous cross-group and cross-disciplinary projects. The base funding of HITS is provided by the Klaus Tschira Foundation.
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