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Line 11: ==Probability of error in statistical modelling and econometrics== Many [[Mathematical model\|models]]s in statistics and [[econometrics]] will usually seek to minimise the difference between observed and predicted or theoretical values. This difference is known as an ''error'', though when observed it would be better described as a ''[[Errors and residuals in statistics\|residual]]''. The error is taken to be a [[random variable]] and as such has a [[probability distribution]].

Probability of error: Difference between revisions