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:
“Summoning a child’s voice from a webfoot stone,
Never never oh never to regret the bugle I wore
On my cleaving arm as I blasted in a wave.
Now shown and mostly bare I would lie down,
Lie down, like down and live
As quiet as a bone.”
—Dylan Thomas (1914–1953)
“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)
“I do not regret the folly of my youth, but the timidity.”
—Mason Cooley (b. 1927)