A loss function is a real lower-bounded function L on Θ × A for some θ ∈ Θ. The value L(θ, δ(X)) is the cost of action δ(X) under parameter θ.
Read more about Loss Function: Decision Rules, Expected Loss, Selecting A Loss Function, Loss Functions in Bayesian Statistics, Regret, Quadratic Loss Function, 0-1 Loss Function
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