I have two different types of models (polynomial and gaussian) and I need to find out which one fits the data most reliably and describes the underlying phenomena best.
I am aware that AIC and BIC are two criteria that can be used to evaluate if a model dimension is optimal, I am also aware that cross validation can be used to evaluate the performance of the fit.
Does a through cross-validation processing substitute AIC and BIC criteria?
Assuming that cross validation might not be enough to prove the optimality of a model in describing a phenomena, how the leave-out-out cross validation shall be used as a replacement to the AIC criteria (I know that there is a paper that proves the equivalence between leave-one-out and AIC) ?