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:
“I only regret that I have but one life to lose for my country.”
—Nathan Hale (1755–1776)
“We now talk of our killed and wounded. There is however a very happy feeling. Those who escape regret of course the loss of comrades and friends, but their own escape and safety to some extent modifies their feelings.”
—Rutherford Birchard Hayes (1822–1893)
“If one hears truth in the morning, one may die without regret in the evening.”
—Chinese proverb.
Confucian Analects.