S4E19 The Dark Art of Regression Diagnostics
Quantitude
What Is the Breakdown Point of an Estimator?
One observation can inappropriately impact one or more parts of your model results. OLS can break down as a function of a single case. We're assuming everybody in the sample is mostly doing what they should be doing. And if you have one radical free opioid who is wandering off to do their own thing, that's the playing field that we're going out on. It takes one or a small number of discrepant observations to mess with us in a way that can drastically bias our results.
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