When should I use Lasso vs Elastic Net in regression?

What are the main differences between Lasso and Elastic Net?

Lasso regression adds an L1 penalty to the loss function, promoting sparsity in the model. Elastic Net combines L1 and L2 penalties, making it useful when predictors are highly correlated.

When should I choose Elastic Net over Lasso?

Choose Elastic Net when you have many correlated features, as it can select groups of variables together, unlike Lasso which may pick one and ignore others.

Can you give me an example of when to use Lasso?

Use Lasso when you want a simpler model with fewer predictors, especially when you suspect that many features are irrelevant.

What are the limitations of using Lasso?

Lasso can struggle with highly correlated features, potentially selecting one while ignoring others, which may lead to suboptimal model performance.