I need to compare four different models (logistic regression), model selection is performed using bayes factors using the BIC statisic.
BIC can be transformed to the probability of the data given a model:
PrBIC(D|Hi) = exp[-BIC(Hi)/2]
And so, we can compute the Bayes factors...
I need to write a discussion on three approaches of model selection; p-value, Bayes factors (using BIC) and leave-one-out cross validation.
The p-value is not preferred, statiscal significance depends on sample size, p-value is based on imaginary data, depends on the intentions of the...