Probability of error: Difference between revisions

Revision as of 22:14, 1 June 2004

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*[[Type II error]]s which consist of failing to rejecting a null hypothesis that is false; this amounts to a false negative result.

The '''probability of error''' is similarly distinguiseddistinguished.

* For a Type I error, it is shown as α (alpha) and is known as the ''size'' of the test and is 1 minus the [[specificity]] of the test.

* For a Type II error, it is shown as β (beta) and is 1 minus the [[Statistical power|power]] or 1 minus the [[sensitivity (tests)|sensitivity]] of the test.

==Probability of error in statisiticalstatistical modelling and econometrics==

Many [[model]]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]]''.