Classification : Cost-Sensitive

In regular classification the aim is to minimize the misclassification rate and thus all types of misclassification errors are deemed equally severe. A more general setting is cost-sensitive classification where the costs caused by different kinds of errors are not assumed to be equal and the objective is to minimize the expected costs.

Cost-Sensitive classification broadly falls into 2 categories:

  1. Class-dependent costs
  2. Example-dependent misclassification costs






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