The bias-variance decomposition

This week, I am teaching my Business Analytics class about the bias-variance trade-off. For some reason, the proof is not contained in either ESL or ISL, even though it is quite simple. I also discovered that the proof currently provided on Wikipedia makes little sense in places.

So I wrote my own for the class. It is longer than necessary to ensure there are no jumps that might confuse students.

Download (pdf)

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