With the rapid increase of private vehicles, traffic congestion has become a worldwide problem. Various models have been proposed to undertake traffic prediction. Among them, autoregressive integrated moving average (ARIMA) models are quite popular for their good performance (simple, low complexity, etc.) in traffic prediction. Localized Space-Time ARIMA (LSTARIMA) improves ARIMA’s prediction accuracy by extending the widely used STARIMA with a dynamic weight matrix. In this paper, a localized space-time autoregressive (LSTAR) model was proposed and a new parameters estimation method was formulated based on the LSTARIMA model to reduce computational complexity for real-time prediction purposes. Moreover, two theorems are given and verified for parameter estimation of our proposed LSTAR model. The simulation results showed that LSTAR provided better prediction accuracy when compared to other time series models such as Shift, autoregressive (AR), seasonal moving average (Seasonal MA), and Space-Time AR (STAR). We found that the prediction accuracy of LSTAR was a bit lower than the LSTARIMA model in the simulation results. However, the computational complexity of the LSTAR model was also lower than the LSTARIMA model. Therefore, there exists a tradeoff between the prediction accuracy and the computational complexity for the two models.
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