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Bayesian Information Criterion (BIC)

\ Bayesian \ ˌɪnfərˈmeɪʃən \ kraɪˈtɪriən \ (bɪk) \

A goodness of fit model often used in longevity modelling.

The BIC is a similar statistic to the Akaike Information Criterion, which captures the goodness of fit via the (log-) likelihood (i.e. a measure of how likely the observed data is under the fitted model), with a different form of penalty based upon the number of variables used (i.e. to avoid “over-fitting” to the data).

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