Also called the Schwarz criterion. Like the AIC, the BIC is a criterion used to select the order of time-series models. Proposed by Schwarz (1978), it sometimes leads to less complex models than the AIC. Several studies have found the BIC to be a better model selection criterion than the AIC.
- Schwarz, G. (1978), “Estimating the dimensions of a
model,”
*Annals of Statistics*, 6, 461-464.