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:
“I do not regret the folly of my youth, but the timidity.”
—Mason Cooley (b. 1927)
“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)
“And now, far removed from the loved habitation,
The tear of regret will intrusively swell,
As fancy reverts to my father’s plantation,
And sighs for the bucket that hung in the well.”
—Samuel Woodworth (1788–1842)