ESTIMATING ECONOMETRIC MODEL OF AVERAGE TOTAL MILK COST: A SUPPORT VECTOR MACHINE REGRESSION APPROACH

Reet Põldaru, Jüri Roots, Ants-Hannes Viira

ESTIMATING ECONOMETRIC MODEL OF AVERAGE TOTAL MILK COST: A SUPPORT VECTOR MACHINE REGRESSION APPROACH

This paper gives an overview of the basic ideas underlying support vector machines (SVM) for regression and function estimation. A summary of currently used algorithms for training SVM is be presented. Application of SVM regression for estimating parameters of econometric model of average total milk cost in Estonian farms is considered and possibilities of application of SVM re­gression in rural areas are discussed. Studies on implementation of SVM regression methods (algo­rithms) and software packages in agricultural research and business must be extended.

Key words: econometric models, data mining, support vector machine regression, average total milk cost.

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