At least half the consideration is the mobility of the bishop. So you've gotten it backwards. If all your pawns are on light squares, your dark square bishop is your "good" bishop, and the light square bishop is the "bad" bishop. All those light square pawns impede your light square bishop.
Yes, another part of the equation is redundancy and weakness. All pawns on light squares makes the light square bishop a little redundant (at least in defense of pawns) and the dark squares are your weaker color, so it can be important to keep the dark square bishop.
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Ok, now some exceptions.
A "bad" bishop that isn't stuck behind the pawns may be an active "bad" bishop. This may be because either you move the pawns off that color, or the bishop maneuvers around to the front of the pawns. An active "bad" bishop can be a good piece that you don't rush to trade away. Basically activity is more important than the good/bad label.
A "bad" bishop that's defending an important point, piece, diagonal, etc, may be a very valuable piece even though it has no other prospects in the position. Usually being stuck in passive defense is bad, but again, it's not so bad to be "stuck" defending critical points.
I am a novice and have heard the term "good bishop vs bad bishop" and I needed some clarification.
Lets say I'm playing white and the majority of my pawns are on light squares. By doing this, my dark squares are now weak and can be infiltrated by my opponent's dark square bishop. Therefore my dark square bishop is considered the "bad bishop". Is that correct?
If that's the case, I had a follow up question. Using the same example, after exchanging my dark square bad bishop, my light square bishop will now be blocked by all the pawns on light squares. How does this constitute as a good bishop?
I understand that throughout the game, my pawns can obviously move to dark squares but I just wanted some clarifcation.
I know there are exceptions to the rule but a general explanation would be greatly appreciated. Thanks!