Mathematics
8 years ago

New Method Detects Multicollinearity in Linear Regression Models, Improving Accuracy

Communications for Statistical Applications and Methods
Scree Diagram for Detecting Multicollinearity and Estimating Ridge Constant in Linear Regression Model
Dae‐Heung Jang

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Multicollinearity in linear regression models can be a problem, but using ridge regression can help stabilize the estimates of regression coefficients. A scree diagram is a useful graphical tool for detecting multicollinearity and estimating the ridge constant in linear regression models.