👉 Homoscedasticity is a statistical concept in econometrics that describes how the variance of a set of random variables decreases as their standard deviation increases. This means that as one variable becomes more and more dependent on another, its effect diminishes proportionally to its original value. For example, consider two independent random variables X and Y with variances σ2X and σ2Y respectively. If both X and Y are homoscedastic, then their sum, Z = X + Y,
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What is the definition of Homoscedasticity? 🙋
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What is the definition of Homoscedastic? 🙋
👉 In statistics, "homoscedastic" refers to a statistical model where all the variance in the dependent variable is due to an underlying constant. This means that no matter how many predictors are included in a regression analysis, the variability of the dependent variable will be approximately constant. Homoscedasticity is often considered as a condition for the validity of hypothesis tests and confidence intervals.
