Akaike weights
We use Akaike weights to choose the best fitted distribution. An Akaike weight is a normalized distribution selection criterion23. Its value is between 0 and 1. The larger the value is, the better the distribution is fitted.
Akaike's information criterion (AIC) is used in combination with Maximum likelihood estimation (MLE). MLE finds an estimator of that maximizes the likelihood function of one distribution. AIC is used to describe the best fitting one among all fitted distributions,Here K is the number of estimable parameters in the approximating model.
After determining the AIC value of each fitted distribution, we normalize these values as follows. First of all, we extract the difference between different AIC values called Δi,
Then Akaike weights Wi are calculated as follows,
Akaike weightsWe use Akaike weights to choose the best fitted distribution. An Akaike weight is a normalized distribution selection criterion23. Its value is between 0 and 1. The larger the value is, the better the distribution is fitted.Akaike's information criterion (AIC) is used in combination with Maximum likelihood estimation (MLE). MLE finds an estimator of that maximizes the likelihood function of one distribution. AIC is used to describe the best fitting one among all fitted distributions,Here K is the number of estimable parameters in the approximating model.After determining the AIC value of each fitted distribution, we normalize these values as follows. First of all, we extract the difference between different AIC values called Δi,Then Akaike weights Wi are calculated as follows,
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