Schwarz Criterion

The Schwarz Criterion, also known as the Bayesian Information Criterion (BIC), is a statistical tool used to select the best model among several options. It evaluates how well each model explains the data while penalizing complexity to avoid overfitting. Essentially, it balances the model’s fit with its simplicity: a lower BIC value indicates a more efficient model that explains the data well without unnecessary complexity. This helps researchers choose models that are both accurate and parsimonious, promoting better understanding and prediction without overcomplicating the analysis.