Goodnessof-fit measures like R-squared help evaluate the overall performance of a regression model from "summary" of Introduction to Econometrics by Christopher Dougherty
Goodness-of-fit measures like R-squared play a crucial role in assessing the effectiveness of a regression model. They provide insight into how well the model fits the data and captures the variation in the dependent variable. R-squared, in particular, is a popular metric that represents the proportion of variability in the dependent variable that is explained by the independent variables. A high R-squared value indicates that the model is able to account for a significant portion of the variability in the data, suggesting a good fit. When evaluating the overall performance of a regression model, it is important to consider the R-squared value in conjunction with other diagnostic tools and tests. While R-squared provides a measure of the goodness of fi...
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