1. An econophysics approach to forecast bulk shipbuilding orderbook: an application of Newton's law of gravitation
- Author
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Okan Duru, Quazi Mohammed Habibus Sakalayen, and Enna Hirata
- Subjects
Bulk carriers ,Newton's law of gravitation ,Computer science ,Shipbuilding ,Strategy and Management ,media_common.quotation_subject ,Transportation ,ARIMA ,01 natural sciences ,010305 fluids & plasmas ,Order (exchange) ,Management of Technology and Innovation ,0103 physical sciences ,Quality (business) ,Autoregressive integrated moving average ,Business and International Management ,010306 general physics ,Robustness (economics) ,media_common ,Flexibility (engineering) ,Econophysics ,business.industry ,Econophysics approach ,Newbuilding order forecasting ,Industrial engineering ,Autoregressive model ,business - Abstract
Purpose Bulk shipping mostly facilitates the smooth flow of raw materials around the globe. Regardless, forecasting a bulk shipbuilding orderbook is a seldom researched domain in the academic arena. This study aims to pioneer an econophysics approach coupled with an autoregressive data analysis technique for bulk shipbuilding order forecasting. Design/methodology/approach By offering an innovative forecasting method, this study provides a comprehensive but straightforward econophysics approach to forecast new shipbuilding order of bulk carrier. The model has been evaluated through autoregressive integrated moving average analysis, and the outcome indicates a relatively stable good fit. Findings The outcomes of the econophysics model indicate a relatively stable good fit. Although relevant maritime data and its quality need to be improved, the flexibility in refining the predictive variables ensure the robustness of this econophysics-based forecasting model. Originality/value By offering an innovative forecasting method, this study provides a comprehensive but straightforward econophysics approach to forecast new shipbuilding order of bulk carrier. The research result helps shipping investors make decision in a capital-intensive and uncertainty-prone environment.
- Published
- 2021