What are some advanced techniques in linear regression?

What are some advanced techniques in linear regression?

Advanced linear regression techniques include regularization methods like Lasso and Ridge regression, polynomial regression, and interaction terms.

Can you explain how Lasso regression works?

Lasso regression adds a penalty equal to the absolute value of the magnitude of coefficients to the loss function, which helps in feature selection.

What is the difference between Lasso and Ridge regression?

Lasso regression can shrink some coefficients to zero, effectively selecting a simpler model, while Ridge regression shrinks coefficients but does not set them to zero.

When should I use polynomial regression?

Use polynomial regression when the relationship between the independent and dependent variables is non-linear and can be modeled with polynomial terms.