Model Selection

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August 31, 2024 4 min read Definitions

Automated Econometrics: Revolutionizing Empirical Analysis with Algorithms

Economics Technology Econometrics Automation Algorithms Statistical Analysis Model Selection

An approach in empirical econometrics where model evaluation and selection are performed by a computerized algorithm, streamlining the process to produce robust and statistically significant models.

August 31, 2024 3 min read Definitions

Information Criterion: Likelihood Function Based Statistic for Model Selection

Statistics Mathematics Information Criterion Model Selection AIC BIC Goodness-of-Fit

Information Criterion: A likelihood function based statistic used as a model selection criterion. Important examples include Akaike Information Criterion (AIC) and Bayes-Schwarz Information Criterion (BIC).