Calculating the Bayesian Information Criterion (BIC = -2L + K log n)

Question

In calculating the Bayesian Information Criterion (BIC = −2L + K log n) could someone tell me what the L stands for and how you calculate it? Also, if k is the number of parameters in the model and if I have a multiple regression with one dependent and 4 independent variables, would that mean a total of 5 parameters or does it mean something else?

Answer 1

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