What is the advantage of Ridge Regression over Lasso and Elastic Net?

15 June 2018 1 3K Report

Hello everyone,

Elastic Net is the combination of Ridge Regression and Lasso Regression. Lasso and Elastic have variable selection while Ridge does not? I just wonder if Ridge has any advantages compared to Lasso and Elastic Net and when we should use it?

Arnold S. Korkhin

Dear Anh,

In fact, ridge regression and lasso regression have the same application. They allow to reduce the absolute values of regression parameter estimates. However, the accuracy of the estimates obtained can be determined much simpler for estimating the ridge regression parameters.

Best regards.

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