Regularization

Regularization is a process of introducing additional information in order to solve an ill-posed problem or to prevent overfitting

Ridge Regression (L2)

Ridge regression is also called L2 regularization. It adds a constraint that is a linear function of the squared coefficients.

Lasso Regression (L1)

Lasso is also known as L1 regularization. It penalizes the model by the absolute weight coefficients.

Elastic Net

Elastic Net is the combination of the L1 regularization and L2 regularization. It can both shrink the coefficients as well as eliminate some of the insignificant coefficients.