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.
Read more about this topic: Loss Function
Famous quotes containing the word regret:
“I regret all of my books.”
—Zora Neale Hurston (1891–1960)
“I regret the unhappiness of princes who are slaves to forms and fettered by caution.”
—Elizabeth I (1533–1603)
“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)