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Bi-objective Trade-Off between Fit and Complexity
Since we have defined the complexity and the fit of a candidate bivariate model parameterized by the vector of parameters θ . From a general point of view, we can now frame the model selection as a bi-objective trade-off with a Pareto front of optimal models.
This general bi-objective trade-off between fit and complexity is very general in science. It has been seen from two different angles. Some of the modeling approaches favor models of lower complexity, while others favor models with better explanatory power:
- KISS Approach (Keep It Simple, Stupid)
- KIDS Approach (Keep It Descriptive, Stupid)

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Updated 2020-07-21
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Data Science