I have a question about Bayesian Information Criteria. (GARCH models)
I have looked for so many hours but still very confused about this BIC especially a negative one. As far as I am concerned it is okay to have a BIC that is negative, but the interpretation of them are different in each book on website. I am not looking for sophisticated answer just a normal explanation as if you were to explain someone who is not math or statisticians.
Given same data,length and number of observation which model is better, based on BIC?
I am using R software and running 3 models, GARCH-t, GJR model, and simple GARCH (1,1) model. So, I am trying to see which model is better, based only on BIC. I have already concluded what model is better based on other factors but this makes me confused.