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Prediction of Bike Share Demand by Machine Learning: Role of Vehicle Accident as the New Feature

Prediction of Bike Share Demand by Machine Learning: Role of Vehicle Accident as the New Feature
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Author(s): Tae You Kim (Catholic University of Korea, South Korea), Min Jae Park (Ajou University, South Korea), Jiho Shin (Business School Lausanne, South Korea) and Sungwon Oh (Business School Lausanne, South Korea)
Copyright: 2022
Volume: 9
Issue: 1
Pages: 16
Source title: International Journal of Business Analytics (IJBAN)
Editor(s)-in-Chief: John Wang (Montclair State University, USA)
DOI: 10.4018/IJBAN.288513

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Abstract

In the fourth industrial revolution period, multinational companies and start-ups have applied a sharing economy concept to their business and have attempted to better serve customer demand by integrating demand prediction results into their business operations. For survival amongst today’s fierce competition, companies need to upgrade their prediction model to better predict customer demand in a more accurate manner. This study explores a new feature for bike share demand prediction models that resulted in an improved RMSLE score. By applying this new feature, the number of daily vehicle accidents reported in the Washington, D.C. area, to the Random Forest, XGBoost, and LightGBM models, the RMSLE score results improved. Many previous studies have primarily focused on feature engineering and regression techniques within given dataset. However, this study is meaningful because it focuses more on finding a new feature from an external data source.

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