Spatial bootstrapped microeconometrics: Forecasting for out‐of‐sample geo‐locations in big data

Spatial econometric models estimated on the big geo‐located point data have at least two problems: limited computational capabilities and inefficient forecasting for the new out‐of‐sample geo‐points. This is because of spatial weights matrix W defined for in‐sample observations only and the computat...

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Vydáno v:Scandinavian journal of statistics Ročník 50; číslo 3; s. 1391 - 1419
Hlavní autor: Kopczewska, Katarzyna
Médium: Journal Article
Jazyk:angličtina
Vydáno: Hoboken, USA John Wiley & Sons, Inc 01.09.2023
Blackwell Publishing Ltd
Témata:
Algorithms
Big Data
bootstrapping
Forecasting
Machine learning
Mathematical models
predictions out‐of‐sample
Profitability
Regression coefficients
spatial big data
Spatial data
spatial point‐pattern
spatial weights matrix
Tessellation
Voronoi polygons
ISSN:0303-6898, 1467-9469
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Shrnutí:Spatial econometric models estimated on the big geo‐located point data have at least two problems: limited computational capabilities and inefficient forecasting for the new out‐of‐sample geo‐points. This is because of spatial weights matrix W defined for in‐sample observations only and the computational complexity. Machine learning models suffer the same when using kriging for predictions; thus this problem still remains unsolved. The paper presents a novel methodology for estimating spatial models on big data and predicting in new locations. The approach uses bootstrap and tessellation to calibrate both model and space. The best bootstrapped model is selected with the PAM (Partitioning Around Medoids) algorithm by classifying the regression coefficients jointly in a nonindependent manner. Voronoi polygons for the geo‐points used in the best model allow for a representative space division. New out‐of‐sample points are assigned to tessellation tiles and linked to the spatial weights matrix as a replacement for an original point what makes feasible usage of calibrated spatial models as a forecasting tool for new locations. There is no trade‐off between forecast quality and computational efficiency in this approach. An empirical example illustrates a model for business locations and firms' profitability.
Bibliografie:Funding information
Narodowe Centrum Nauki, Grant/Award Number: UMO‐2016/23/B/HS4/02363
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ISSN:0303-6898
1467-9469
DOI:10.1111/sjos.12636