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Chapter 11: (Expected Value Decomposition to Data Science Solution…
Chapter 11:
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Selection Bias
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Do you expect the particular selection procedure that biases the data also to have a bearing on the values of the target variable?
In some cases like predicting how creditworthy a person, then we want some bias based on past experiences
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Expected Value Framework
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a summation of products of probabilities and values, and data science gives us the methods to estimate both probabilities and values