Validity and Efficiency of Conformal Prediction
In this chapter, we will dive deeper into the concepts of validity and efficiency in the context of probabilistic prediction models, building upon the foundations laid in the previous chapters.
Validity and efficiency are crucial aspects that ensure the practicality and robustness of prediction models across a wide range of industry applications. Understanding these concepts and their implications will enable you to develop unbiased and high-performing models that can reliably support decision-making and risk assessment processes.
In this chapter, we will explore the definitions, metrics, and examples of valid and efficient models and discuss the automatic validity guarantees provided by conformal prediction, a cutting-edge approach to uncertainty quantification. By the end of this chapter, you will be equipped with the knowledge necessary to assess and improve the validity and efficiency of your predictive models, paving the way...
