The M4 Forecasting Competition is progressing above initial expectations, with 200 individuals and teams from 42 countries around the world participating -double our initial estimate of 100 contestants! The Prize money has increased to more than $30,000 with the generous contributions of UBER and Amazon, in addition to those of the University of Nicosia and Professor Makridakis.
Comparison between the M3 and M4 competitions:
- Prize Money: Zero More than $30,000
- Number of Series 3,003 100,000
- Number of Participants/Teams 12 200
- Number of Countries 5 42
Forecasting competitions are critical for advancing the field and make it practical and relevant [https://robjhyndman.com/hyndsight/forecasting-competitions/]. They are the equivalent of laboratories in physical sciences aimed to prove or invalidate scientific theories. They provide empirical evidence about the accuracy of various methods and the best way to be utilized by organizations for achieving maximum benefits. Towards this direction, we expect that M4 will contribute significantly, given that all the information will become available online, and its emphasis of replicability and reproducibility. We are looking forward to learning as much as possible from its findings and further advancing the field of forecasting.