Intuitively how does the LASSO method select its variables?

Is it based on standard econometrics?

  • $\begingroup$ @Tim: In the link you give the question is "I would like to know why the Lasso provides variable selection and ridge regression doesn't.". That seems to be a different question to me. If this question wouldn't be marked as a dup0licate I would like to post an answer. $\endgroup$ – user247233 May 9 '19 at 9:23
  • $\begingroup$ @boulder this question was already answered in several places, I added few more links as duplicaes. $\endgroup$ – Tim May 9 '19 at 9:31
  • $\begingroup$ @Tim: Okay, I did not know that. Thank you. $\endgroup$ – user247233 May 9 '19 at 9:33