What is the difference between Stepwise regression and Lasso regression in terms of variable selection? Is the difference just the way in which the variables are selected or is there any significant difference. I know that Lasso is a regularization method. and stepwise is a way to select variables. But in the end Lasso can also be used for variable selection. In both the cases, the parameters are penalized. Please help me in understanding these concepts. Thanks in advance.
Also, how is AIC/BIC different from L1/L2?