Application of a Long Short - Term Memory Deep Natural Network Model for Field Crops Price Forecasting in Thailand
DOI: 10.14416/j.ind.tech.2022.12.013
Keywords:
Field crops prices, Long short-term memory (LSTM), Artificial neural network model (ANN), Hybrid modelAbstract
The objective of this research was to select a forecasting model suitable for the time series data of three sets of field crop prices, namely cassava, corn and paddy rice prices. Two-hundred and forty-one values were collected from the website of the Office of Agricultural Economics, Ministry of Agriculture and Cooperatives from January 2002 to January 2022. Three forecasting models were constructed: an artificial neural network model (ANN), a long short-term memory (LSTM) deep neural network model and a hybrid model. The models’ accuracy was compared by three performance evaluations: mean absolute error (MAE), root mean square error (RMSE) and mean absolute percent error (MAPE). The results showed that the hybrid model provided better forecast accuracy than the ANN model and the LSTM model in all data sets and all forecasting performance criteria. It can be concluded that the hybrid model was suitable for forecasting the time series data of three sets of field crop prices.
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