@article{M2D633CD7,
title = "A Model for Nowcasting Commodity Price based on Social Media Data",
journal = "Journal of KIISE, JOK",
year = "2017",
issn = "2383-630X",
doi = "10.5626/JOK.2017.44.12.1258",
author = "(Jaewoo Kim,Meeyoung Cha,Jong Gun Lee",
keywords = "nowcast,price prediction,social media,twitter,developing countries",
abstract = "Capturing real-time daily information on food prices is invaluable to help policymakers and development organizations address food security problems and improve public welfare. This study analyses the possible use of large-scale online data, available due to growing Internet connectivity in developing countries, to provide updates on food security landscape. We conduct a case study of Indonesia to develop a time-series prediction model that nowcasts daily food prices for four types of food commodities that are essential in the region: beef, chicken, onion and chilli. By using Twitter price quotes, we demonstrate the capability of social data to function as an affordable and efficient proxy for traditional offline price statistics."
}