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Advanced Car Price Modelling and Prediction

In: Advances in Econometrics, Operational Research, Data Science and Actuarial Studies

Author

Listed:
  • Michail Tsagris

    (University of Crete, Gallos Campus)

  • Stefanos Fafalios

    (Gnosis Data Analysis)

Abstract

The scope of the paper is modelling and prediction of brand new car prices in the Greek market. At first the most important car characteristics are detected via a state-of-the-art machine learning variable selection algorithm. Statistical (log-normal regression) and machine learning algorithms (random forest and support vector regression) operating on the selected characteristics evaluate the predictive performance in multiple predictive aspects. The overall analysis is mainly beneficiary for consumers as it reveals the important car characteristics associated with car prices. Further, the optimal predictive model achieves high predictability levels and provides evidence for a car being over or under-priced.

Suggested Citation

  • Michail Tsagris & Stefanos Fafalios, 2022. "Advanced Car Price Modelling and Prediction," Contributions to Economics, in: M. Kenan Terzioğlu (ed.), Advances in Econometrics, Operational Research, Data Science and Actuarial Studies, pages 479-494, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-85254-2_29
    DOI: 10.1007/978-3-030-85254-2_29
    as

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