Definition: R²

Category: Memobust Glossary

Coefficient of determination. It provides a measure of how well observed outcomes are replicated by the model, as the proportion of total variation of outcomes explained by the model. https://ec.europa.eu/eurostat/cros/content/memobust-glossary-pdf-file_en
Source:
Eurostat, "Memobust Glossary" (part of the Memobust Handbook on Methodology of Modern Business Statistics), ESSnet "Memobust", March 2014
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