# Statistical concepts

A few items not found on Wikipedia

About fixed effects
Fixed effects control for individual effects when there are multiple observations per individual

About model residuals
A residual value is the actual value minus the predicted value

About robust and clustered standard errors
Robust and clustered standard errors account for heteroskedasticity in the data

About receiver operating characteristic (ROC) curves
ROC curves efficiently summarize the predictive power of binary-outcome models

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