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Modeling and Forecasting of Rice Prices in India during the COVID-19 Lockdown Using Machine Learning Approaches

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Title Modeling and Forecasting of Rice Prices in India during the COVID-19 Lockdown Using Machine Learning Approaches
 
Creator Santosha Rathod
Gayatri Chitikela
Nirmala Bandumula
Gabrijel Ondrasek
Sundaram Ravichandran
Raman Meenakshi Sundaram
 
Subject COVID-19
lockdown
rice
price
ARIMA
ANN
ELM
time series intervention analysis
 
Description Not Available
Via national lockdowns, the COVID-19 pandemic disrupted the production and distribution of foodstuffs worldwide, including rice (Oryza sativa L.) production, affecting the prices in India’s agroecosystems and markets. The present study was performed to assess the impact of the COVID-19 national lockdown on rice prices in India, and to develop statistical machine learning models to forecast price changes under similar crisis scenarios. To estimate the rice prices under COVID-19, the general time series models, such as the autoregressive integrated moving average (ARIMA) model, the artificial neural network (ANN) model, and the extreme learning machine (ELM) model, were applied. The results obtained using the ARIMA intervention model revealed that during the COVID-19 lockdown in India, rice prices increased by INR 0.92/kg. In addition, the ELM intervention model was faster, with less computation time, and provided better results vs other models because it detects the nonlinear pattern in time series data, along with the intervention variable, which was considered an exogenous variable. The use of forecasting models can be a useful tool in supporting decision makers, especially under unpredictable crises. The study results are of great importance for the national agri-food sector, as they can bolster authorities and policymakers in planning and designing more sustainable interventions in the food market during (inter)national crisis situations.
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Date 2023-02-16T07:30:16Z
2023-02-16T07:30:16Z
2022-09-05
 
Type Article
 
Identifier Santosha Rathod, Chitikela G, Bandumula N, Ondrasek G, Ravichandran S, Sundaram RM. Modeling and Forecasting of Rice Prices in India during the COVID-19 Lockdown Using Machine Learning Approaches. Agronomy. 2022; 12(9):2133. https://doi.org/10.3390/agronomy12092133
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http://krishi.icar.gov.in/jspui/handle/123456789/76231
 
Language English
 
Relation Not Available;
 
Publisher MDPI