3.19 Models: Estimation

  • Estimation = Fitting the model to the data (by adapting the parameters)
  • Modellparameter: β0, β1 and β2
  • Ordinary Least Squares (OLS)
    • Least squares methods (Astronomy)
    • Choose β0, β1 and β2 so that the sum of the squared errors εi is minimized (See graph!)
    • Q: Why do we square the errors?