What is the problem of simplicity?

The problem of simplicity involves three questions: How is the simplicity of a hypothesis to be measured? How is the use of simplicity as a guide to hypothesis choice to be justified? And how is simplicity related to other desirable features of hypotheses -- that is, how is simplicity to be traded-off? The present paper explores these three questions, from a variety of viewpoints, including Bayesianism, likelihoodism, and the framework of predictive accuracy formulated by Akaike (1973). It may turn out that simplicity has no global justification -- that its justification varies from problem to problem.
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