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gung - Reinstate Monica
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Interpretation of Cramér's V

I am trying to understand the value Cramer's V provides.

I found the following sentence (from here):

"V may be viewed as the association between two variables as a percentage of their maximum possible variation. V2 is the mean square canonical correlation between the variables."

But I don't think I fully understand it.

Can someone please help explain it a bit further (or with a more detailed example)?

Tal Galili
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