Work

Predicting how much a consumer is willing to pay for a bottle of wine: a preliminary study

Year: 2022

Type: conference-paper

Abstract: The wine industry is an important business sector, generating billions in annual revenue. In the last year, there were several lockdowns due to the COVID-19 pandemic and wine consumption at home has increased. This paper considers the problem of predicting how much a consumer is willing to pay for a bottle of wine to drink at home, in a regular occasion. As far as we know, this is the first study on the subject. The problem is treated as a classification task and several prediction models, based on artificial neural networks, support vector machines and decisions trees, are proposed and compared.

Source: Procedia Computer Science

DOI: 10.1016/j.procs.2022.08.101

Authors: Hugo Alonso, Teresa Candeias

Institutions: Universidade Lusófona do Porto, University of Aveiro

Language: English

Topic: Wine Industry and Tourism

Subfield: Tourism, Leisure and Hospitality Management

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: diamond

Funders: Center for Research and Development in Mathematics and Applications, Fundação para a Ciência e a Tecnologia

Awards: Centro de Investigação e Desenvolvimento em Matemática e Aplicações, G3069120617, G3461949579, G3818084518, Centro de Investigação e Desenvolvimento em Matemática e Aplicações