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:
“Make the most of your regrets; never smother your sorrow, but tend and cherish it till it come to have a separate and integral interest. To regret deeply is to live afresh.”
—Henry David Thoreau (1817–1862)
“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)
“Teenage girls are extremists who see the world in black-and- white terms, missing shades of gray. Life is either marvelous or not worth living. School is either pure torment or is going fantastically. Other people are either great or horrible, and they themselves are wonderful or pathetic failures. One day a girl will refer to herself as “the goddess of social life” and the next day she’ll regret that she’s the “ultimate in nerdosity.””
—Mary Pipher (20th century)