Watch this video from Mike Page (creator of FargoRate) as it concisely explains most everything you want to know and is a fantastic video that was really well done.
https://www.youtube.com/watch?v=mXJ7bDafTms
This page from Dr. Dave goes into even more detail covering everything you are wanting to know including how taper affects squirt, how end mass affects spin, good ways to test for squirt and other related stuff and is also a fantastic resource.
http://billiards.colostate.edu/threads/squirt.html
A few points to know are that in regards to cues, the weight of the first few inches (roughly the first 6 inches or so) of the tip of the pool stick are what almost solely has the affect on how much squirt (deflection) you will have. Obviously there is no way to be able to weigh just the first few inches of a shaft, so how can you tell which shaft will have more or less squirt than another shaft then? You can't really without actually testing them to find out.
But we can use some common sense and sometimes have a very rough idea of squirt characteristics of a certain shaft just by taking into consideration what we know about how much certain things weigh. A wood shaft that has the first few inches of the shaft by the tip hollowed out should have a front end mass that weighs less (and therefore squirts less) than a similar shaft that is still solid wood because the hollow one has less end mass (material) and therefore less weight, and less weight equals less squirt. Assuming similar tips/ferrules and similar shaft taper and composition (both shafts being the same wood, or both graphite, etc), a 12 mm shaft should weigh less in the roughly six inch section starting at the tip (and therefore squirt less) than a 13 mm shaft for the same reason as above--less end mass (material) from the smaller diameter equates to less weight which equates to less squirt.
Sometimes it can be pretty obvious when comparing apples to apples like above, but for example say you have a 12 mm solid shaft and a 13 mm "low deflection" shaft that is hollowed out for the first few inches. Which of those would have less end mass and will therefore have less squirt? Well it isn't so obvious now which has less end mass/weight so who knows. You will have to test to find out and this is usually the case particularly since there are many other variables that can also affect the end mass such as the weight of the tip, the weight of the ferrule (affected by its thickness, length, and type of material), the hardness of the tip, the type of shaft taper (only in the sense that the taper affects end mass/weight), etc.
The lowest deflection shafts tend to be hollowed out for several inches near the tip, have smaller shaft diameters, and use thin short ferrules made of a really light material because all of these things reduce end mass/weight.