Advanced Car Price Modelling and Prediction

Michail Tsagris and Stefanos Fafalios ()
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Stefanos Fafalios: Gnosis Data Analysis

A chapter in Advances in Econometrics, Operational Research, Data Science and Actuarial Studies, 2022, pp 479-494 from Springer

Abstract: 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.

Keywords: Car market; Price prediction; Variable selection; Nonlinear models (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-030-85254-2_29

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DOI: 10.1007/978-3-030-85254-2_29

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