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:
“The one regret I have about my own abortions is that they cost money that might otherwise have been spent on something more pleasurable, like taking the kids to movies and theme parks.”
—Barbara Ehrenreich (b. 1941)
“Defaced ruins of architecture and statuary, like the wrinkles of decrepitude of a once beautiful woman, only make one regret that one did not see them when they were enchanting.”
—Horace Walpole (1717–1797)
“I should not regret a fair and full trial of the entire abolition of capital punishment.”
—James Madison (1751–1836)