[Retracted] High-Order Moment Contagion of the Carbon Market: A Heterogeneity Analysis of Market Volatility Trend

Table 2

Performance comparison of different state transition models of the carbon market.

Alternative model	Residual distribution	Number of parameters	Likelihood value	AIC	BIC
MS(2)-AR(3)	T	16	6477.4992	−12922.9984	−12899.9263
	N	14	6379.8549	−12731.7098	−12711.5217
MS(2)-AR(4)	T	18	6375.5774	−12715.1548	−12689.1986
	N	16	6380.1796	−12728.3592	−12705.2871
MS(3)-AR(3)	T	27	6487.9839	−12921.9678	−12883.0336
	N	24	6517.1826	−12986.3652	−12951.7569
MS(3)-AR(4)	T	30	6488.3855	−12916.771	−12873.5107
	N	27	6517.7822	−12981.5644	−12942.6302
MS(4)-AR(3)	T	40	6518.2154	−12956.4308	−12898.7504
	N	36	6465.1356	−12858.2712	−12806.3589
MS(4)-AR(4)	T	44	6510.2059	−12932.4118	−12868.9634
	N	40	6526.3629	−12972.7258	−12915.0454