Useful tips for everyday
Which is better the AUC or the ROC curve? The higher the AUC, the better the performance of the model at distinguishing between the positive…
Is MLE always efficient? In some cases, the MLE is efficient, not just asymptotically efficient. In fact, when an efficient estimator exists, it must be…
How do you report standardized coefficients? For standardized coefficients it is convenient to use the greek letter beta, therefore you could use simply the latin…
What does the homoscedasticity of errors mean? Homoskedastic (also spelled “homoscedastic”) refers to a condition in which the variance of the residual, or error term,…
What is statistical analysis in data analysis? Statistical analysis is used in order to gain an understanding of a larger population by analysing the information…
What is a high Bayes factor? A Bayes factor is the ratio of the likelihood of one particular hypothesis to the likelihood of another. It…
Is random variable dependent or independent? A random variable is a variable associated with an experiment, like n tosses of a coin or d draws…
How to calculate the confidence interval of a distribution? Find a distribution that matches the shape of your data and use that distribution to calculate…
What is the properties of conditional probability? Conditional Probability Properties Property 1: Let E and F be events of a sample space S of an…
What are logit and probit models? The logit model assumes a logistic distribution of errors, and the probit model assumes a normal distributed errors. These…