Goodness of fit - SPUR ECONOMICS

Adjusted R Square and its application

The Adjusted R square addresses the drawback of the R square by penalising the inclusion of additional independent variables. This ensures that additional unnecessary variables are not included simply to…

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January 10, 2023

Econometrics / Goodness of fit

R square and its drawback

The R square and Adjusted R square are often used to assess the fit of the Ordinary Least Squares model. These measures help ascertain how well the estimated model accounts…

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January 9, 2023

Do it in Rstudio / Econometrics / Goodness of fit

Goodness of fit in Rstudio

After estimating Ordinary Least Squares or OLS in Rstudio, we must ensure that the model is a good fit. The model must satisfy the assumptions of OLS including heteroscedasticity, no…

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September 29, 2022

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