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

 

References:

1. https://mlr-org.github.io/mlr-tutorial/release/html/cost_sensitive_classif/index.html