Expected Loss
The value of the loss function itself is a random quantity because it depends on the outcome of a random variable X. Both frequentist and Bayesian statistical theory involve making a decision based on the expected value of the loss function: however this quantity is defined differently under the two paradigms.
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Famous quotes containing the words expected and/or loss:
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—Woodrow Wilson (1856–1924)
“A gain is no joy, nor a loss any grief.”
—Chinese proverb.