Evaluate models developed using an extended linear model approach.

Free CAS MAS-I (Modern Actuarial Statistics I) lesson in Extended Linear Models. 16 min read, ~2,354 words.

Deviance measures lack-of-fit; scaled deviance is approximately when the model is correctly specified. AIC and BIC, lower is better; AIC gaps below 2 are noise, above 10 are decisive, and BIC penalizes complexity harder once. Likelihood ratio test for nested GLMs:; the result requires nesting, so use AIC or BIC...