This is just one of many possible algorithms which trade off between median and mean. Unfortunately there is no objective way to determine which one is best (or the setting of the hyperparameter.)
The criteria we are optimizing is just “how closely does it match the behavior we actually want.”
This is just one of many possible algorithms which trade off between median and mean. Unfortunately there is no objective way to determine which one is best (or the setting of the hyperparameter.)
The criteria we are optimizing is just “how closely does it match the behavior we actually want.”
EDIT: Stuart Armstrong’s idea is much better: http://lesswrong.com/r/discussion/lw/mqk/mean_of_quantiles/
And what is “the behavior we actually want”?