Savage also argued that using non-Bayesian methods such as minimax, the loss function should be based on the idea of regret, i.e., the loss associated with a decision should be the difference between the consequences of the best decision that could have been taken had the underlying circumstances been known and the decision that was in fact taken before they were known.
Read more about this topic: Loss Function
Famous quotes containing the word regret:
“I only regret that I have but one life to lose for my country.”
—Nathan Hale (1755–1776)
“You clearly hate to yield, but you will regret it when your anger has passed. Such natures are justly the hardest for themselves to bear.”
—Sophocles (497–406/5 B.C.)
“If I had to live my life over again I would live it as I have lived it; I neither regret the past nor fear the future.”
—Michel de Montaigne (1533–1592)