From the course: Data Science Foundations: Fundamentals

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Aggregating models

Aggregating models

From the course: Data Science Foundations: Fundamentals

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Aggregating models

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- [Instructor] There's a saying that life imitates art. Well, for some time, as I've been preparing for this presentation, I planned to talk about how people estimate the amount of money in a jar of coins. And then it turned out that our family inherited a giant jar of coins from my mother-in-law, and we've asked everybody in our extended family for their guesses as to how much money is in the jar. I guessed $165, but my wife, who was much more optimistic, guessed $642.50. Well, we eventually took the jar to the money counter, and it turned out that it had $476 in it, which, as it happens, is almost exactly halfway between the guesses that I made and my wife made. Any one guess, it turns out, is like an arrow shot at a target. It may be high or low, it may be more or less accurate, but as it happens, if you take many guesses and average them like averaging the guesses that my wife and I each made, the errors tend to cancel out, and you end up with a composite estimate that's generally…

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