Why it matters
Every model selection involves this tradeoff. Understanding it prevents naive complexity increases and clarifies why regularization works.
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The architecture
High bias: model too simple. Underfits. Poor on both train and test.
High variance: model too complex. Overfits. Great on train, poor on test.
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How it works end to end
Bias sources: model can't represent true function; too few features; too much regularization.
Variance sources: model capacity exceeds signal; small training data; too few regularization.
Modern picture: deep learning breaks the classic U-curve. Very over-parameterized models generalize well (double descent).
Regularization reduces variance without much bias increase.