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

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...

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Bibliographic Details
Main Author: Alonso, Hugo (author)
Other Authors: Candeias, Teresa (author)
Format: conferenceObject
Language:eng
Published: 2022
Subjects:
Online Access:http://hdl.handle.net/10773/35315
Country:Portugal
Oai:oai:ria.ua.pt:10773/35315
Description
Summary: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.