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:
“Why was the human race created? Or at least why wasn’t something creditable created in place of it? God had His opportunity. He could have made a reputation. But no, He must commit this grotesque folly—a lark which must have cost Him a regret or two when He came to think it over and observe effects.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“No, I regret nothing, all I regret is having been born, dying is such a long tiresome business I always found.”
—Samuel Beckett (1906–1989)
“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)