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Least Angle Regression is a promising technique for variable selectionapplications, offering a nice alternative to stepwise regression. It providesan explanation for the similar behavior of LASSO ($\ell_1$-penalizedregression) and forward stagewise regression, and provides a fastimplementation of both. The idea has caught on rapidly, and sparked a greatdeal of research interest. In this paper, we give an overview of Least AngleRegression and the current state of related research.

Least angle and $\ell_1$ penalized regression: A review