So I was taking a look at both Accuracy and F1-Measure in order to evaluate a multilabel classification algorithm (each instance is associated with multiple labels). Having:
Accuracy = #Intersection(suggestions,correct_labels) / #Union(suggestions,correct_labels)
F1 Measure = 2 * (P * R) / (P + R)
Which approach is better and why? Under what circumstances should I prefer one to the other?