linear extrapolation - meaning and definition. What is linear extrapolation
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What (who) is linear extrapolation - definition

TYPE OF ESTIMATION WHERE A DATA POINT BEYOND THE ORIGINAL OBSERVATION RANGE IS GENERATED BASED ON ITS RELATIONSHIP WITH ANOTHER VARIABLE
Extrapolate; Extrapolation method; Extrapolation methods; Extrapolating; Linear extrapolation; Extrapolated; Extrapolations
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extrapolate         
v. (D; intr., tr.) to extrapolate from, on the basis of
extrapolate         
[?k'strap?le?t, ?k-]
¦ verb
1. extend the application of (a method or conclusion) to different or larger groups.
2. extend (a graph) by inferring unknown values from trends in the known data.
Derivatives
extrapolation noun
extrapolative adjective
extrapolator noun
Origin
C19: from extra- + a shortened form of interpolate.
extrapolation         
<mathematics, algorithm> A mathematical procedure which estimates values of a function for certain desired inputs given values for known inputs. If the desired input is outside the range of the known values this is called extrapolation, if it is inside then it is called interpolation. The method works by fitting a "curve" (i.e. a function) to two or more given points and then applying this function to the required input. Example uses are calculating {trigonometric functions} from tables and audio waveform sythesis. The simplest form of interpolation is where a function, f(x), is estimated by drawing a straight line ("linear interpolation") between the nearest given points on either side of the required input value: f(x) extrapolation f(x1) + (f(x2) - f(x1))(x-x1)/(x2 - x1) There are many variations using more than two points or higher degree polynomial functions. The technique can also be extended to functions of more than one input. (2007-06-29)

Wikipedia

Extrapolation

In mathematics, extrapolation is a type of estimation, beyond the original observation range, of the value of a variable on the basis of its relationship with another variable. It is similar to interpolation, which produces estimates between known observations, but extrapolation is subject to greater uncertainty and a higher risk of producing meaningless results. Extrapolation may also mean extension of a method, assuming similar methods will be applicable. Extrapolation may also apply to human experience to project, extend, or expand known experience into an area not known or previously experienced so as to arrive at a (usually conjectural) knowledge of the unknown (e.g. a driver extrapolates road conditions beyond his sight while driving). The extrapolation method can be applied in the interior reconstruction problem.

Examples of use of linear extrapolation
1. When predicting the behavior of the pendulum in motion, the worst conceivable thing we could do is use linear extrapolation – which would predict that the trend will continue.
2. Yet for some reason, not only your layman, but seasoned economic experts and analysts try to predict pendulum–type scenarios using linear extrapolation.
3. If you see something moving fast in one direction, barreling past its usual dwelling range – whether it be a share price, a barrel of oil, a bushel of corn or a currency, the profit margins of a company or sector, the pricing ratio of a stock, or a mad fad like Crocs – do not indulge in linear extrapolation to peer into the future.