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Journal of Innovations in Economics & Management

Volume 5, 2024 - Issue 4

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Price-Predicting Model: Predictions for All Sailboats

by Ningjing He 1,*  and  Jiaqi Wang 1
1
School of School of Public Finance and Taxation, Zhejiang University of Finance and Economics , Hangzhou, China
*
Author to whom correspondence should be addressed.
JIEM  2024 5(4):95; https://doi.org/10.69610/j.jiem.20241001
Received: / Accepted: / Published Online: 1 October 2024
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Abstract

Sailboat pricing is a nuanced field, significantly influenced by vessel age, geographical location, and brand reputation. To address this complexity, we leveraged the XGBoost algorithm, a powerful machine learning tool, and refined it through Bayesian optimization to create a highly accurate model for predicting sailboat prices. Our analysis revealed significant regional disparities, with sailboats from Europe, the USA, and the Caribbean commanding varying market valuations. When applying this optimized model to the Hong Kong used sailboat market, we were able to generate forecasts with improved accuracy, though still with room for enhancement. Notably, the Lagoon brand stood out as a consistent high performer, underscoring the importance of brand reputation in sailboat pricing. To provide actionable intelligence, we have synthesized a comprehensive analysis that integrates our research findings and predictive strategies. This analysis presents clear visualizations alongside concise interpretations, thereby constituting a pivotal resource for informed decision-making within the local market context.

Keywords: Visualization; XGBoost model; Grid-Search optimiza; Bayesian optimization;
Copyright: © 2024 by He and Wang. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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ACS Style
He, N.; Wang, J. Price-Predicting Model: Predictions for All Sailboats. Journal of Innovations in Economics & Management, 2024, 5, 95. doi:10.69610/j.jiem.20241001
AMA Style
He N, Wang J. Price-Predicting Model: Predictions for All Sailboats. Journal of Innovations in Economics & Management; 2024, 5(4):95. doi:10.69610/j.jiem.20241001
Chicago/Turabian Style
He, Ningjing; Wang, Jiaqi 2024. "Price-Predicting Model: Predictions for All Sailboats" Journal of Innovations in Economics & Management 5, no.4:95. doi:10.69610/j.jiem.20241001

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References

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