Bias-Variance Tradeoff: A Fundamental Statistical Principle That Can Render You Love or Pain
Host
Department of Applied Mathematics
Speaker
Xiao-Li Meng
Department of Statistics, Harvard University
https://statistics.fas.harvard.edu/people/xiao-li-meng
Description
Bias-Variance Tradeoff, also known as the efficiency-robustness tradeoff or relevance-robustness tradeoff, is a principle of “no free lunch” in statistical analysis. Lower random noise (variance) comes with higher systemic error (bias), and vice versa. Through a painful story and a lovely one, I illustrate how the Tradeoff is a principle not just for statistics, but also for life.
Event Topic
Other