October 2024
Beginner
228 pages
6h 47m
English
Content preview from Regression Basics, 3rd Edition
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4Model Performance and Evaluation
In Chapter 3, we learned how to use the method of least squares to find a line that best fits a scatter of points. It can be shown that, given the right circumstances, there is no other linear, unbiased method that is better at estimating such a line than least squares. That is, if the CLRM assumptions are met, then OLS is BLUE. At this point, two other issues arise. First, suppose we have used least squares to find a line that best fits the data. We can then ask how well the line fits the data. This is the issue of “goodness of fit,” which we explore in the next section.
Another question we can ask is not how well the regression model as a whole performs, but how do the separate ...
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