System, method and computer program for improved forecasting residual values of a durable good over time
First Claim
1. A method for generating forecasts of residual values of an item of interest in an industry, the method comprising:
- programmatically receiving or obtaining, by a system, used market data, non-industry-specific data, and industry-specific data from multiple data sources, the system having a processor and a non-transitory computer-readable medium;
transforming, by the system, the used market data, the non-industry-specific data, and the industry-specific data into data representations internal to the system;
applying, by the system, the data representations of the used market data, the non-industry-specific data, and the industry-specific data as input to a residual value forecasting model, the residual value forecasting model having a first computational component driven by a baseline value for the item of interest, a second computational component driven by macroeconomic factors not specific to the industry, and a third computational component driven by microeconomic factors specific to the industry, the first computational component having a baseline value variable for representing the baseline value for the item of interest with a base configuration at an initial time point, the second computational component having a macroeconomic factor represented by a linear combination of macroeconomic variables that represent macroeconomic features under consideration for the item of interest, the third computational component having a microeconomic factor represented by a linear combination of microeconomic variables that represent microeconomic features specific to the industry, the applying producing a forecasted residual value for the item of interest at a future time point; and
providing the forecasted residual value for the item of interest for presentation on a client device.
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Accused Products
Abstract
A residual value forecasting system may utilize heterogeneous data, such as used market data, industry-specific data, and non-industry-specific data, from disparate data sources to produce residual value forecasts of an item based on a sophisticated residual value forecasting model particularly configured for agility. The system can dynamically and quickly adapt to change in data inputs and produce custom outputs. The system may determine a baseline value for an item using the used market data, a microeconomic factor using the industry-specific data, and a macroeconomic factor using the non-industry-specific data, as well as adjustments such as locality adjustments and modifications. Given the macroeconomic factor and the microeconomic factor relative to the locality-adjusted value of the item and in view of the competitive sets of similar and/or substitute items in the same industry, the system can generate an accurate forecast residual value of the item at a future time point.
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Citations
20 Claims
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1. A method for generating forecasts of residual values of an item of interest in an industry, the method comprising:
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programmatically receiving or obtaining, by a system, used market data, non-industry-specific data, and industry-specific data from multiple data sources, the system having a processor and a non-transitory computer-readable medium; transforming, by the system, the used market data, the non-industry-specific data, and the industry-specific data into data representations internal to the system; applying, by the system, the data representations of the used market data, the non-industry-specific data, and the industry-specific data as input to a residual value forecasting model, the residual value forecasting model having a first computational component driven by a baseline value for the item of interest, a second computational component driven by macroeconomic factors not specific to the industry, and a third computational component driven by microeconomic factors specific to the industry, the first computational component having a baseline value variable for representing the baseline value for the item of interest with a base configuration at an initial time point, the second computational component having a macroeconomic factor represented by a linear combination of macroeconomic variables that represent macroeconomic features under consideration for the item of interest, the third computational component having a microeconomic factor represented by a linear combination of microeconomic variables that represent microeconomic features specific to the industry, the applying producing a forecasted residual value for the item of interest at a future time point; and providing the forecasted residual value for the item of interest for presentation on a client device. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A system for generating forecasts of residual values of an item of interest in an industry, the system comprising:
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a processor; a non-transitory computer-readable medium; and stored instructions translatable by the processor to perform; programmatically receiving or obtaining used market data, non-industry-specific data, and industry-specific data from multiple data sources; transforming the used market data, the non-industry-specific data, and the industry-specific data into data representations internal to the system; applying the data representations of the used market data, the non-industry-specific data, and the industry-specific data as input to a residual value forecasting model, the residual value forecasting model having a first computational component driven by a baseline value for the item of interest, a second computational component driven by macroeconomic factors not specific to the industry, and a third computational component driven by microeconomic factors specific to the industry, the first computational component having a baseline value variable for representing the baseline value for the item of interest with a base configuration at an initial time point, the second computational component having a macroeconomic factor represented by a linear combination of macroeconomic variables that represent macroeconomic features under consideration for the item of interest, the third computational component having a microeconomic factor represented by a linear combination of microeconomic variables that represent microeconomic features specific to the industry, the applying producing a forecasted residual value for the item of interest at a future time point; and providing the forecasted residual value for the item of interest for presentation on a client device. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification