Selecting Single Model in Combination Forecasting Based on Cointegration Test and Encompassing Test

Table 6

Result of combined forecasts of single models by cointegration test.

	Simple average	Weighted optimal	ANN
12 single models’ combination without cointegration test	5.00	5.42	5.88
7 single models’ combination with cointegration test	4.90	5.21	5.44