Abstract:Understanding forecast revisions is critical for weather forecast users to determine the optimal timing for their planning decisions. A set of multi‐horizon forecasts for wind speed produced by the Australian Bureau of Meteorology for 12 weather stations in eastern Australia are examined. The forecasts are examined in terms of the econometric definition of rationality and, as a robustness check, the economic value of the forecasts is also assessed using a cost–loss model. It is demonstrated that while the fore… Show more
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