This video discusses how to interpret the R-squared and the Regression Standard Error to assess model fit: the model's ability to explain the variance in the dependent variable.
TABLE OF CONTENTS:
00:00 Introduction
00:07 Some things we just can’t explain
01:24 Model Fit
03:08 R-Squared ( R2 )
03:54 R2 Examples
04:52 Plot of Consumption vs. Income Model
05:21 R2 in Regression Result
06:06 Regression Standard Error (RSE)
06:52 R2 and Standard Error Examples
07:35 S.E. in Regression Result
07:55 Summary
