Fast Forecasting of Unstable Data Streams for On-Demand Service Platforms

Yu Jeffrey Hu, Jeroen Rombouts and Ines Wilms

Abstract: On-demand service platforms face a challenging problem of forecasting a large collection of high-frequency regional demand data streams that exhibit instabilities. This paper develops a novel forecast framework that is fast and scalable, and automatically assesses changing environments without human intervention. We empirically test our framework on a large-scale demand data set from a leading on-demand delivery platform in Europe, and find strong performance gains from using our framework against several industry benchmarks, across all geographical regions, loss functions, and both pre- and post-Covid periods. We translate forecast gains to economic impacts for this on-demand service platform by computing financial gains and reductions in computing costs.

Date: 2023-03, Revised 2024-05
New Economics Papers: this item is included in nep-pay
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