SLIDE 24 Model comparison
Q: how to compare models with different numbers of parameters?
- II. Penalized log-likelihood (AIC, BIC, etc).
Akaike’s information criterion:
penalty based on # parameters
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Compute AIC for each model, take model with lowest value.
Estimate of the information lost when a given model used to represent the process that generated the data [Akaike 1974]