Table 2. Comparison of AIC and BIC model selection criteria.
AIC | BIC | ||||
---|---|---|---|---|---|
5-day-ahead | 15-day-ahead | 5-day-ahead | 15-day-ahead | ||
Pearson’s correlation | 2014 M1 model | 0.93 | 0.76 | 0.93 | 0.76 |
2014 M2 model | 0.93 | 0.79 | 0.93 | 0.79 | |
2015 M1 model | 0.94 | 0.74 | 0.93 | 0.73 | |
2015 M2 model | 0.94 | 0.76 | 0.94 | 0.76 | |
MAE | 2014 M1 model | 16.9 | 33.1 | 17.0 | 33.1 |
2014 M2 model | 16.3 | 31.3 | 16.2 | 31.4 | |
2015 M1 model | 22.7 | 52.5 | 22.9 | 52.7 | |
2015 M2 model | 22.0 | 49.1 | 22.2 | 49.2 | |
RMSE | 2014 M1 model | 23.0 | 44.3 | 22.9 | 44.3 |
2014 M2 model | 22.3 | 40.6 | 22.3 | 40.6 | |
2015 M1 model | 36.5 | 77.0 | 36.0 | 76.1 | |
2015 M2 model | 34.6 | 70.3 | 34.5 | 70.3 |