Predicting using Google Insight

7:23 PM Posted by Baris Sanli
If you are making forecasts, new and timely statistics are extremely important. You will also know that generally, new data come up with a lag. For example in Turkey it takes not less than 2 months for us to see crucial data. This recent article at Google Research will probably help us, all.
The paper by Varian and Choi can be downloaded from here. The mechanism is clever yet simple: use the normalized searched volumes from Google Insight to correlate with the real data like house sales, cars and etc.
Although I use some other data for Turkey, let me show you the effect of recent tax break on auto.

The tax break has been revealed on 16th March 2009 and the search volume is given above (keyword:oto, region: Turkey). The effect is close to %67. According to this article, the actual sale figures raise by 100%.
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