Before revision:  Linear regression is a special case of the proposed ML framework , equivalent to the traditional approach . Standard results from the machine learning literaturemay be used to derive conditions for when ML algorithms improve upon linear regression . Based on simulation studies and several datasets, I find that ML significantly reduce estimation risk compared to  the traditional approach and several shrinkage approaches proposed in the literature .
After revision:  Linear regression is a special case of the proposed ML framework , equivalent to the traditional approach . Standard results from the ML literature, I derive new insights for existing approaches and propose new estimation methods . Based on simulation studies and several datasets, I find that ML significantly reduce estimation risk compared to the traditional approach and several shrinkage approaches proposed in the literature .