Comparing the Information Criteria Approach with the Likelihood Ratio Test

question 15

Multiple Choice

Comparing the information criteria approach with the likelihood ratio test approach to determining the optimal VAR lag length, which one of the following statements is true?

• A) The choice of stiffness of penalty term will not affect the model choice
• B) The validity of information criteria relies upon normal residuals
• C) Conducting a likelihood ratio test could lead to a sub-optimal model selection
• D) An application of the univariate information criteria to each equation will give identical results to the application of a multivariate version of the criteria to all of the equations jointly

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