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Recall the Akaike information Criterion (AIC) as well as the related Bayesian Information Criterion (BIC) from our study of Variable Selection and Model Building. Without
Recall the Akaike information Criterion (AIC) as well as the related Bayesian Information Criterion (BIC) from our study of Variable Selection and Model Building. Without heavy mathematical notation, explain how both the AIC and BIC emphasize goodness-of-fit of a regression model while also controlling model complexity. Why would we wish to promote goodness-of-it while at the same time controlling model complexity? Why is model complexity so undesirable?
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