Table 3. Results of Simulation 2 where α = 0.5 and ${\sigma }_{r_t}$ = 0.1.

Tables shows WAIC, WAIC standard error, and difference in WAIC from the best performing method. A lower WAIC indicates a better fit.

Model	WAIC	WAIC SE	Δ WAIC
JC	28037.2	141.83	0
SD	28053.5	141.797	16.2988
TD	28120.2	141.398	82.9943
TSW	28148.7	141.628	111.464
SW	28201.2	142.018	163.961