Advantages of LOESS
As discussed above, the biggest advantage LOESS has over many other methods is the fact that it does not require the specification of a function to fit a model to all of the data in the sample. Instead the analyst only has to provide a smoothing parameter value and the degree of the local polynomial. In addition, LOESS is very flexible, making it ideal for modeling complex processes for which no theoretical models exist. These two advantages, combined with the simplicity of the method, make LOESS one of the most attractive of the modern regression methods for applications that fit the general framework of least squares regression but which have a complex deterministic structure.
Although it is less obvious than for some of the other methods related to linear least squares regression, LOESS also accrues most of the benefits typically shared by those procedures. The most important of those is the theory for computing uncertainties for prediction and calibration. Many other tests and procedures used for validation of least squares models can also be extended to LOESS models.
Read more about this topic: Local Regression
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