Errors
Question
What is the difference between Type-1 and Type-2 error?
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Machine Learning
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Answer ( 1 )
Suppose you are modeling a credit default problem.
Type I error is when a person is not defaulting and the model predicts
it as defaulting.
Type ii error is when a person is defaulting and the model predicts it
as not defaulting, which is a more riskier scenario.