I have come across the term "closed-form solution" quite often. What does a closed-form solution mean? How does one determine if a close-form solution exists for a given problem? Searching online, I found some information, but nothing in the context of developing a statistical or probabilistic model / solution.
I understand regression very well, so if any one can explain the concept with reference to regression or model-fitting, it will be easy to consume. 🙂
Best Answer
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An example of a closed form solution in linear regression would be the least square equation
$$\hat\beta=(X^TX)^{-1}X^Ty$$