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:
“You clearly hate to yield, but you will regret it when your anger has passed. Such natures are justly the hardest for themselves to bear.”
—Sophocles (497–406/5 B.C.)
“War seems to be one of the most salutary phenomena for the culture of human nature; and it is not without regret that I see it disappearing more and more from the scene.”
—Karl Wilhelm Von Humboldt (1767–1835)
“If you falter, and give up, you will lose the power of keeping any resolution, and will regret it all your life.”
—Abraham Lincoln (1809–1865)