When I run the code of LOO, I got the following results. But I do not know the means of these results. So what are 'elpd_loo', 'p_loo', 'looic', 'elpd_diff' represent for? In this result, which model is better? Thank you!
fit1 <- stan_glm(mpg ~ wt, data = mtcars, refresh = 0)
fit2 <- stan_glm(mpg ~ ht + cyl, data = mtcars, refresh = 0)
loo1 <- lPreformatted textoo(fit1, cores = 2)
print(loo1)
Estimate SE
elpd_loo -15339.7 140.6
p_loo 25.6 2.5
looic 30679.3 281.1
Monte Carlo SE of elpd_loo is 0.1.
All Pareto k estimates are good (k < 0.5).
loo2 <- loo(fit2, cores = 2)
print(loo2)
Estimate SE
elpd_loo -15339.1 140.1
p_loo 23.5 2.2
looic 30678.2 280.3
Monte Carlo SE of elpd_loo is 0.1.
All Pareto k estimates are good (k < 0.5).
loo_compare(list(loo3, loo4))
elpd_diff se_diff
fit2 0.0 0.0
fit1 -0.5 1.9