diff --git a/doc/dynare.texi b/doc/dynare.texi
index ad53f775ec93b924efbd283bade07ff1312f67f3..f8a4908f4fe68b6d20db61ce0cdba4109de7f2e3 100644
--- a/doc/dynare.texi
+++ b/doc/dynare.texi
@@ -5552,8 +5552,12 @@ estimates using a higher tapering are usually more reliable.
 @descriptionhead
 
 This command computes odds ratios and estimate a posterior density
-over a collection of models. The priors over models can be specified
-as the @var{DOUBLE} values, otherwise a uniform prior is assumed.
+over a collection of models 
+(see e.g. @cite{Koop (2003), Ch. 1}). The priors over models can be specified
+as the @var{DOUBLE} values, otherwise a uniform prior over all models is assumed. 
+In contrast to frequentist econometrics, the models to be compared do not need to be nested. 
+However, as the computation of posterior odds ratios is a Bayesian technique, 
+the comparison of models estimated with maximum likelihood is not supported.
 
 @examplehead
 
@@ -11369,6 +11373,9 @@ Kim, Jinill, Sunghyun Kim, Ernst Schaumburg, and Christopher A. Sims
 discrete time dynamic equilibrium models,'' @i{Journal of Economic
 Dynamics and Control}, 32(11), 3397--3414
 
+@item
+Koop, Gary (2003), @i{Bayesian Econometrics}, John Wiley & Sons
+
 @item
 Koopman, S. J. and J. Durbin (2003): ``Filtering and Smoothing of
 State Vector for Diffuse State Space Models,'' @i{Journal of Time
diff --git a/matlab/model_comparison.m b/matlab/model_comparison.m
index 0ff60e45396c6fd760d9cb6c507256fc9961ba69..43cf0cc8ffb4ada59985b7beddfc876757925c5a 100644
--- a/matlab/model_comparison.m
+++ b/matlab/model_comparison.m
@@ -75,10 +75,18 @@ for i=1:NumberOfModels
         eval(['MarginalLogDensity(i) = mstruct.oo_.MarginalDensity.' type ';']) 
     catch
         if strcmpi(type,'LaplaceApproximation')
-            disp(['MODEL_COMPARISON: I cant''t find the Laplace approximation associated to model ' ModelNames{i}])
+            if isfield(mstruct.oo_,'mle_mode')
+                disp(['MODEL_COMPARISON: Model comparison is a Bayesian approach and does not support models estimated with ML'])
+            else
+                disp(['MODEL_COMPARISON: I cant''t find the Laplace approximation associated to model ' ModelNames{i}])
+            end
             return
         elseif strcmpi(type,'ModifiedHarmonicMean')
-            disp(['MODEL_COMPARISON: I cant''t find the modified harmonic mean estimate associated to model ' ModelNames{i}])
+            if isfield(mstruct.oo_,'mle_mode')
+                disp(['MODEL_COMPARISON: Model comparison is a Bayesian approach and does not support models estimated with ML'])
+            else
+                disp(['MODEL_COMPARISON: I cant''t find the modified harmonic mean estimate associated to model ' ModelNames{i}])
+            end
             return
         end
     end
@@ -124,7 +132,7 @@ name = modelname(idx(end)+1:end);
 function name = get_model_name_without_extension(modelname)
 idx = strfind(modelname,'.mod');
 if isempty(idx)
-    idx = strfind(modelname,'.dyn')
+    idx = strfind(modelname,'.dyn');
 end
 if isempty(idx)
     name = modelname;