Wharton Econometric Forecasting Associates, Inc ( WEFA Inc ) was a world-leading economics forecasting and consulting organisation founded by Nobel Prize winner Dr. Lawrence R. Klein.

Methods of forecasting include Econometric models, Economic base analysis, Shift-share analysis, Input-output model and the Grinold and Kroner Model.

Econometric theory uses statistical theory to evaluate and develop econometric methods.

In his 1964 book Railroads and American Economic Growth: Essays in Econometric History, Fogel tried to use quantitative methods to imagine what the U. S. economy would have been like in 1890 had there been no railroads.

Econometric studies linking profit to market structure often conclude that measured profitability is correlated with the advertising-to-sales ratio and with the R & D expenditures-to-sales ratio.

* June 13, 1969: Wharton Econometric Forecasting Associates is founded as a non-profit organization wholly owned by the Trustees of the University of Pennsylvania.

* December 18, 1979: It is announced that University of Pennsylvania plans to sell its controlling interest in Wharton Econometric Forecasting Associates, and has held talks with three potential buyers.

He is a member of the Institute of Medicine ; the American Academy of Arts and Sciences ; Harvard Society of Fellows ; the Fellows of the World Econometric Society ; the Brookings Panel of Economists ; the National Bureau of Economic Research ; and the Board of Advisers of the Chinese Economists Society, among other international organizations.

It is published by the Econometric Society and distributed by Wiley-Blackwell.

He is a Fellow of the Econometric Society since 1980.

However, important questions remain open and the battle is not yet over, as he states in his 1983 Presidential Address of the Econometric Society ( 1986, Econometrica ):`` At the present time, I am far from being able to present a convincing argument which relates the structure of neighbourhood systems ( i. e., test sets ) to the administrative arrangements that might be taken by a large industrial enterprise .” Up to this very moment, his struggle goes on.

The original Heckscher – Ohlin model and extended model such as the Vanek model performs poorly, as it is shown in the section " Econometric testing of H-O model theorems ".

He is a member of the National Academy of Sciences, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Distinguished Fellow from the American Economic Association and many other fellowships and awards.

Deaton is a Fellow of the Econometric Society, a Corresponding Fellow of the British Academy, and a Fellow of the American Academy of Arts and Sciences.

The Econometric Society is an international society for the advancement of economic theory in its relation with statistics and mathematics.

An annual meeting of the association is held every year in January, in conjunction the American Economic Association and the North American Winter Meetings of the Econometric Society as a part of the Allied Social Sciences Association.

Econometric analysis may also be classified on the basis of the number of relationships modeled.

The main journals which publish work in econometrics are Econometrica, the Journal of Econometrics, the Review of Economics and Statistics, Econometric Theory, the Journal of Applied Econometrics, Econometric Reviews, the Econometrics Journal, Applied Econometrics and International Development, the Journal of Business & Economic Statistics, and the Journal of Economic and Social Measurement.

He was one of the founders of the Econometric Society and editor of Econometrica for over twenty years.

The IS / LM model was born at the Econometric Conference held in Oxford during September, 1936.

( 1992 ), " Collusion and the Theory of Organizations ", Advances in Economic Theory: Proceedings of the Sixth World Congress of the Econometric Society, ed by J .- J.

* Fellow of the Econometric Society.

" Econometric analysis by Jeffery Frankel and Menzie Chinn in 2006 suggests the euro may replace the U. S. dollar as the major reserve currency by 2020 if ( 1 ) the remaining EU members, including the UK and Denmark, adopt the euro by 2020 or ( 2 ) the recent depreciation trend of the dollar persists into the future.

In 1956 he founded the Econometric Institute at the Erasmus Universiteit Rotterdam together with Henri Theil, who also was his successor in Rotterdam.

In the field of Econometrics, AUEB comes internationally in the 48th place according to the Journal of Econometric Theory.

WEFA Inc traced an interesting path ( see below for full details ) from its predecessor in 1961 ( the Economic Research Unit, discussed below ), its initial launch in 1969 ( as Wharton Econometric Forecasting Associates Inc ), to its ultimate merger with DRI ( formerly Data Resources Inc .) forming Global Insight in 2001, and subsequent to that, Global Insight's acquisition in 2008 by IHS Inc.

* July 14, 1979: McGraw-Hill announces it plans to buy Data Resources, a major competitor of Wharton Econometric Forecasting Associates for about $ 103 million.

The foregoing have been methods of charting prices, but now let us look at some of the other indices that are customarily charted, and which are looked to for their forecasting abilities.

The purpose set forth at the beginning of this book was first to introduce the reader to a general background knowledge of the various types and capabilities of the forecasting methods already in use, so that he might then be in a position to evaluate for himself the validity of the rather astonishing empirical correlation that is to follow, and to appraise the forecast that its interpretation suggests for the future of farm prices over the years immediately ahead.

* Development of numerical methods for medium-range weather forecasting

Judgmental forecasting methods incorporate intuitive judgments, opinions and probability estimates, as in the case of the Delphi method, scenario building, and simulations.

The objectives of such studies include improving weather forecasting, developing methods for predicting seasonal and interannual climate fluctuations, and understanding the implications of human-induced perturbations ( e. g., increased carbon dioxide concentrations or depletion of the ozone layer ) on the global climate.

" In recent years manufacturers have continued to try to hone forecasting methods such as applying a trailing 13-week average as a better predictor for JIT planning ; however, some research demonstrates that basing JIT on the presumption of stability is inherently flawed.

* 1904-Vilhelm Bjerknes presents the vision that forecasting the weather is feasible based on mathematical methods.

Some experts in the field of forecasting have advised against the use of mean square error to compare forecasting methods.

Examples of qualitative forecasting methods are: informed opinion and judgment, the Delphi method, market research, historical life-cycle analogy.

Examples of quantitative forecasting methods are: last period demand, simple and weighted moving averages ( N-Period ), simple exponential smoothing, multiplicative seasonal indexes.

Some forecasting methods use the assumption that it is possible to identify the underlying factors that might influence the variable that is being forecast.

Casual forecasting methods are also subject to the discretion of the forecaster.

Judgmental forecasting methods incorporate intuitive judgements, opinions and subjective probability estimates.

Tropical cyclone forecasting is done nowadays using statistical methods based on tropical cyclone climatology, as well as methods of numerical weather prediction where computers use mathematical equations of motion to determine their movement.

Different approaches were tried, but the shortcomings of traditional forecasting methods, such as theoretical approach, quantitative models or trend extrapolation, in areas where precise scientific laws have not been established yet, quickly became apparent.

Current methods of desert locust forecasting at FAO.

Much research has gone into developing methods for allowing the forecasting system to directly account for this phenomenon.

There are many different methods used to conduct forecasting.

The results of the analysis should then be checked using alternative forecasting methods and the results can be published.

A simple checking method involves the use of several different forecasting methods and comparing the results to see if they are more or less equal.

Determining forecast accuracy, like forecasting itself, can never be performed with certainty and so it is advisable to ensure that input data is measured and obtained as accurately as possible, the most appropriate forecasting methods are selected, and the forecasting process is conducted as rigorously as possible.