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.
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Famous quotes containing the word regret:
“Why was the human race created? Or at least why wasn’t something creditable created in place of it? God had His opportunity. He could have made a reputation. But no, He must commit this grotesque folly—a lark which must have cost Him a regret or two when He came to think it over and observe effects.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“I only regret that I have but one life to lose for my country.”
—Nathan Hale (1755–1776)
“I may add that I am enjoying existence as much as ever, and regret nothing.”
—Henry David Thoreau (1817–1862)