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:
“It is with unfathomable love, pure joy and no regret that we leave this world. Men, do not cry for our fate, but cry for your own.”
—Members of the Order of the Solar T.. New York Times, p. 1 (October l4, 1994)
“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)
“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.)