Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands

Tourism is one of the economic sectors that contributes the most to the gross domestic product in many countries, moving, in turn, other economic sectors such as transport. In particular, the automotive industry constitutes an economic subsector that moves vast amounts of money. Concerning tourism a...

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Autores principales:	Nancy Dávila-Cárdenes, José María Pérez-Sánchez, Emilio Gómez-Déniz, José Boza-Chirino
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	asymmetric link Bayesian estimation car renting logistic regression models selection Risk in industry. Risk management HD61 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/b5d6f38e573242929fc6dc40044da740
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spelling	oai:doaj.org-article:b5d6f38e573242929fc6dc40044da7402021-11-25T18:08:40ZSkewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands10.3390/jrfm141105411911-80741911-8066https://doaj.org/article/b5d6f38e573242929fc6dc40044da7402021-11-01T00:00:00Zhttps://www.mdpi.com/1911-8074/14/11/541https://doaj.org/toc/1911-8066https://doaj.org/toc/1911-8074Tourism is one of the economic sectors that contributes the most to the gross domestic product in many countries, moving, in turn, other economic sectors such as transport. In particular, the automotive industry constitutes an economic subsector that moves vast amounts of money. Concerning tourism and transport sectors, car rental is a crucial element contributing considerably to gross domestic product and job creation. Due to the effects that vehicle rental seems to have on various economic sectors, it seems interesting to know why a tourist chooses to rent a car during their vacation in a specific destination. This work aims to study those factors that can be considered relevant and affect the probability of renting a vehicle. The document addressed the following research topics: (a) identifying significant variables; and (b) can information on these factors help car rental firms? Empirically, it is shown that more tourists do not rent a car and this fact has to be considered. Thus, the classical logistic and Bayesian regression models do not seem adequate in this case, so that the authors will consider an asymmetric logistic regression model. This work analyzes 28,235 tourists who visited the Canary Islands during 2017. From a Bayesian point of view, asymmetric logistics regression is chosen as the best model because it detects relevant development factors not seen by standard logistic regressions. In light of the document’s findings, various practice recommendations improve decision-making in this field. The asymmetric logit link is a helpful device that can help rental companies make decisions about their clients.Nancy Dávila-CárdenesJosé María Pérez-SánchezEmilio Gómez-DénizJosé Boza-ChirinoMDPI AGarticleasymmetric linkBayesian estimationcar rentinglogistic regressionmodels selectionRisk in industry. Risk managementHD61FinanceHG1-9999ENJournal of Risk and Financial Management, Vol 14, Iss 541, p 541 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	asymmetric link Bayesian estimation car renting logistic regression models selection Risk in industry. Risk management HD61 Finance HG1-9999
spellingShingle	asymmetric link Bayesian estimation car renting logistic regression models selection Risk in industry. Risk management HD61 Finance HG1-9999 Nancy Dávila-Cárdenes José María Pérez-Sánchez Emilio Gómez-Déniz José Boza-Chirino Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands
description	Tourism is one of the economic sectors that contributes the most to the gross domestic product in many countries, moving, in turn, other economic sectors such as transport. In particular, the automotive industry constitutes an economic subsector that moves vast amounts of money. Concerning tourism and transport sectors, car rental is a crucial element contributing considerably to gross domestic product and job creation. Due to the effects that vehicle rental seems to have on various economic sectors, it seems interesting to know why a tourist chooses to rent a car during their vacation in a specific destination. This work aims to study those factors that can be considered relevant and affect the probability of renting a vehicle. The document addressed the following research topics: (a) identifying significant variables; and (b) can information on these factors help car rental firms? Empirically, it is shown that more tourists do not rent a car and this fact has to be considered. Thus, the classical logistic and Bayesian regression models do not seem adequate in this case, so that the authors will consider an asymmetric logistic regression model. This work analyzes 28,235 tourists who visited the Canary Islands during 2017. From a Bayesian point of view, asymmetric logistics regression is chosen as the best model because it detects relevant development factors not seen by standard logistic regressions. In light of the document’s findings, various practice recommendations improve decision-making in this field. The asymmetric logit link is a helpful device that can help rental companies make decisions about their clients.
format	article
author	Nancy Dávila-Cárdenes José María Pérez-Sánchez Emilio Gómez-Déniz José Boza-Chirino
author_facet	Nancy Dávila-Cárdenes José María Pérez-Sánchez Emilio Gómez-Déniz José Boza-Chirino
author_sort	Nancy Dávila-Cárdenes
title	Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands
title_short	Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands
title_full	Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands
title_fullStr	Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands
title_full_unstemmed	Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands
title_sort	skewed binary regression to study rental cars by tourists in the canary islands
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/b5d6f38e573242929fc6dc40044da740
work_keys_str_mv	AT nancydavilacardenes skewedbinaryregressiontostudyrentalcarsbytouristsinthecanaryislands AT josemariaperezsanchez skewedbinaryregressiontostudyrentalcarsbytouristsinthecanaryislands AT emiliogomezdeniz skewedbinaryregressiontostudyrentalcarsbytouristsinthecanaryislands AT josebozachirino skewedbinaryregressiontostudyrentalcarsbytouristsinthecanaryislands
_version_	1718411579815362560

Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands

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