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 do not regret my not having seen this before, since I now saw it under circumstances so favorable. I was in just the frame of mind to see something wonderful, and this was a phenomenon adequate to my circumstances and expectation, and it put me on the alert to see more like it.”
—Henry David Thoreau (1817–1862)
“I do not regret the folly of my youth, but the timidity.”
—Mason Cooley (b. 1927)
“I regret all of my books.”
—Zora Neale Hurston (1891–1960)