Author(s)

CaiYun Peng

Affiliation(s)

School of Mathematics and Statistics, Guangxi Normal University, Guilin 541006, Guangxi, China.

Corresponding Author

CaiYun Peng

ABSTRACT

Currently, the biggest issue facing social development in China is the imbalance and lack of coordination in regional economic development, with multiple factors influencing regional economies. In order to scientifically measure these influencing factors, we established a multiple linear regression model based on data from 31 provinces nationwide in 2020. We fitted the model using four different solution methods – traditional OLS estimation, ridge regression, Lasso, and elastic net estimation. By comparing the fitting effects of different models, we further analyzed the merits and demerits of various contraction methods, and found that elastic net exhibits excellent performance in terms of prediction accuracy and model simplicity. Lastly, based on the results from elastic net estimation, we conducted an analysis of the factors affecting regional economic development.

KEYWORDS

Regional Economic Development; OLS; Ridge Regression; Lasso; Elastic Net

CITE THIS PAPER

CaiYun Peng. Analyzing regional economic influencing factors based on different contraction methods. Trends in Social Sciences and Humanities Research. 2024, 2(4): 52-61. DOI: 10.61784/tsshr3011.

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