I'm having a dataset where I measured the growth of a given molecule over 7 timepoints. The growth can be described by the formula:
$(P_{0} - plateau) * e^{-k t} + plateau$ , where k is the growth constant and $t$ the time. I want to estimate $P_{0}$, $plateau$ and $k$
All values are normalized to be between 0 and 1.
Due to the cost of the experiment, I only have one (depending on the perspective maybe 2) measurements per timepoint, however I have measurements for several thousands of molecules.
From what I have found out, the $R^{2}$ is not a good measure of fit in this case, despite it being used in many other studies I found. I also considered using the chi square or chi square reduced value, which I obtain when I fit my model using the python lmfit library with Levenberg-Marquardt or Least square minimization (https://lmfit.github.io/lmfit-py/fitting.html). However, I'm not sure how to interprete this value in terms what would be a good fit and what not. Also, according to wikipedia, I need to scale my chi square value, by a variance, which is not done in lmfit as far as I understand:
$\chi^{2}=\sum_{i}{\frac{(O_{i} - C_{i})^{2}}{\sigma^{2}_{i}}}$
I assume in my case, O would be the values I measured, and C the values from my fit. However I'm unsure what my variance would be in this case?
Here is an example plot of the data with a fit using the model and method described above:
Can somebody tell me if I'm on the right path and or if there are any alternatives for estimating the quality of my fits relative to the other fits using the same model (maybe BIC or AIC)? Also, if there is any information missing I'm happy to add these. I'm happy about any hints which would put me in the right direction!