Simplicity and likelihood: An axiomatic approach

Itzhak Gilboa and David Schmeidler

Journal of Economic Theory, 2010, vol. 145, issue 5, 1757-1775

Abstract: We suggest a model in which theories are ranked given various databases. Certain axioms on such rankings imply a numerical representation that is the sum of the log-likelihood of the theory and a fixed number for each theory, which may be interpreted as a measure of its complexity. This additive combination of log-likelihood and a measure of complexity generalizes both the Akaike Information Criterion and the Minimum Description Length criterion, which are well known in statistics and in machine learning, respectively. The axiomatic approach is suggested as a way to analyze such theory-selection criteria and judge their reasonability based on finite databases.

Keywords: Maximum; likelihood; Simplicity; Model; selection; Akaike; Information; Criterion; Minimum; Description; Length; Axioms (search for similar items in EconPapers)
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Working Paper: Simplicity and likelihood: An axiomatic approach (2010)
Working Paper: Simplicity and Likelihood: An Axiomatic Approach (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:145:y:2010:i:5:p:1757-1775

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