Question: What is the main difference between LASSO and Ridge Regression methods? LASSO shrinks coefficients due to the absolute value, Ridge regression increases coefficients due to

What is the main difference between LASSO and Ridge Regression methods?

LASSO shrinks coefficients due to the absolute value, Ridge regression increases coefficients due to the squared term.

Ridge shrinks coefficients due to the absolute value, LASSO regression increases coefficients due to the squared term.

LASSO Regression reduces the number of coefficients in a model. Ridge Regression shrinks the value of the coefficients.

Ridge Regression reduces the number of coefficients in a model. Lasso Regression shrinks the value of the coefficients.

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