Schwarz Criterion: How to use it?

[jasmin]

How do I use the Schwarz Criterion for model selection?

Example: I have a simple regression model with one explanatory variable and I want to determine how many lags of that explanatory variable are optimal for the model? How do I use the Schwarz's Criterion for that? Do I simply select the number of lags with the largest/lowest Schwarz criterion figure?

P.S. Any simple rule of thumb when to use Akaike and when to use Schwarz? Should I look at any other criterion/figures by model selection?