Data-driven models for forecasting

A discussion of data-driven models, how they compare to process models, and how they can be used for forecasting, with a focu on Empirical Dynamic Modeling

Note

Learning Objectives:

• Define and distinguish between process-based and data-driven models
• Describe the strengths and weaknesses of data-driven models
• Describe how Empirical Dynamic Modeling works
• Interpret results of Empirical Dynamic Modeling studies