Question

we saw that the median of y,...,yn is the prediction with the smallest mean error. Your friend Pratimathinks that instead of minimizing the mean error, it is better to minimize the product of the errors:P(h) =n∏i=1|yi−h|, for an arbitrary data set y1,y2,...,yn, what value(s)h∗minimize P(h)? Discuss the pros and cons of using Pratima’s prediction strategy, and describe scenarios where this gives a good prediction and where this gives a bad prediction, in your opinion.

Answer 1