Sailboat Price Prediction: A Comparative Analysis of Regression Models and Selection of Random Forest

The fitting and estimation results obtained from the aforementioned methods are presented in the table below. As the mean squared error (MSE) measures the average of the squared differences between the actual and predicted values, a smaller value indicates a better predictive ability of the model. On the other hand, the R² statistic represents the proportion of the variation in the predicted values that can be explained by the actual values, and a value closer to 1 indicates a better fit of the model. After comparing the results, it has been decided in this study to use the random forest regression model to analyze the relationship between sailboat prices and the aforementioned influencing factors, given its superior performance.