What are some alternative regression techniques I can use?

What are some alternative regression techniques I can use?

There are several alternative regression techniques you can consider, such as Ridge Regression, Lasso Regression, and Elastic Net. These methods help in handling multicollinearity and feature selection.

Can you explain Ridge Regression in more detail?

Sure! Ridge Regression adds a penalty equal to the square of the magnitude of coefficients to the loss function. This helps to prevent overfitting by shrinking the coefficients.

What about Lasso Regression? How is it different?

Lasso Regression, unlike Ridge, adds a penalty equal to the absolute value of the coefficients. This can lead to some coefficients being exactly zero, effectively performing variable selection.

Are there any situations where I should prefer one over the other?

Yes, if you have many features and suspect that only a few are important, Lasso might be better. If you believe all features contribute but want to avoid overfitting, Ridge could be more suitable.