.png){kind=icon}
Return
Forecasting Construction Material Prices Using Vector Error Correction Model
.png){kind=icon}
PRE
AI
DOI：10.1061/(ASCE)CO.1943-7862.0001528.png)
.png){kind=icon}
Original request for help.png){kind=icon}
Share.png){kind=icon}
Save
Abstract
En 中文
This paper presents a vector error correction (VEC) model for use in forecasting the short- and long-term prices of construction materials. This model characterizes the relationship between construction material prices and a set of relevant explanatory variables. The use of VEC models to forecast construction material prices addresses a gap in the existing literature that stems from overlooking the importance of forecasting both the short- and long-term movements of individual construction materials. The proposed model is applied to produce forecast models for asphalt, steel, and cement prices in the United States based on the identified variables that govern the prices of each material. Practitioners can use the proposed model to forecast construction material prices. The derived insights can be used to enhance the chances of project success.
Keywords:
Material prices
Time series analysis
Cointegration analysis
Vector error correction
Cost estimation
AI Summary
Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.
Journal
J
IF:
5.1
Papers:
5.1K
Citations:
1.4W
Organization
Cited Papers
ShareSaveShareSaveResearch and Development of Rare Earth-Transition Metal Alloys as Permanent-Magnet Materials.png)
IF0
PREAI
ShareSave
View more