What (and What Not) are Calibrated Probabilities Actually Useful for?
Guoxuan Xia
Abstract
This blogpost clarifies the practical usefulness of having a model with calibrated probabilities, something that is not often clearly stated in the calibration literature. We show that a calibrated model can be relied on to estimate average loss/reward, however, good calibration does not mean that a model is useful for per-sample decision making.
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