Loss Function - Expected Loss

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.

Read more about this topic:  Loss Function

Famous quotes containing the words expected and/or loss:

    Accidents will occur in the best-regulated families; and in families not regulated by that pervading influence which sanctifies while it enhances ... in short, by the influence of Woman, in the lofty character of Wife, they may be expected with confidence, and must be borne with philosophy.
    Charles Dickens (1812–1870)

    Parents must not only have certain ways of guiding by prohibition and permission; they must also be able to represent to the child a deep, an almost somatic conviction that there is a meaning to what they are doing. Ultimately, children become neurotic not from frustrations, but from the lack or loss of societal meaning in these frustrations.
    Erik H. Erikson (20th century)