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Published online by Cambridge University Press: 01 January 2025
This paper describes the authors' FORTRAN algorithm FACAIC for choosing the number of factors for an orthogonal factor model using Akaike's Information Criterion. FACAIC utilizes the IMSL subroutine OFCOMM.
The authors dedicate this algorithm to Professor Hirotugu Akaike in appreciation of his pioneering work on AIC which was originally intended for the factor analysis and other statistical model identification problems.