Dr. Zheng Zhi Profile

Dr. Zheng Zhi

at Penn State Univ

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Proceedings Article | 11 November 2022 Paper

The price of luxury goods predicting with hybrid model

Zheng Zhi

Proceedings Volume 12348, 123480Y (2022) https://doi.org/10.1117/12.2641917

KEYWORDS: Performance modeling, Skin, Neural networks, Internet, Fuzzy logic, Sensors, Process modeling, Neurons, Metals, Manufacturing

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When customers purchase a luxury, they need to compare the price of different goods. Due to the particular characteristics of the luxury markets, there are some phenomenon of premium. In our paper, we focus on the price of luxury bags forecasting from some important features, such as brands, skin type, number of components, volume and production. The prediction problem could be seen as creating a regression model. In this paper, the dataset is from the internet by web crawlers. We have 27 raw features, such as brand, bag name, etc. Then we do the preprocessing to divide these features into three parts: continuous features, ordered categorical features and unordered categorical features. We hybrid the MLP and AdaBoost model, and compare our hybrid model with other models to evaluate model’s performance. The metrics is RMSE. The RMSE score of our model is 1627.94 which is 1263.55, 1369.62, 1199.18, 520.18 lower than Linear Regression, SVR, MLP and AdaBoost respectively.

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