Decision Rules
A decision rule makes a choice using an optimality criterion. Some commonly used criteria are:
- Minimax: Choose the decision rule with the lowest worst loss — that is, minimize the worst-case (maximum possible) loss:
- Invariance: Choose the optimal decision rule which satisfies an invariance requirement.
- Choose the decision rule with the lowest average loss (i.e. minimize the expected value of the loss function):
Read more about this topic: Loss Function
Famous quotes containing the words decision and/or rules:
“The decision to have a child is both a private and a public decision, for children are our collective future.”
—Sylvia Ann Hewitt (20th century)
“Now for civil service reform. Legislation must be prepared and executive rules and maxims. We must limit and narrow the area of patronage. We must diminish the evils of office-seeking. We must stop interference of federal officers with elections. We must be relieved of congressional dictation as to appointments.”
—Rutherford Birchard Hayes (1822–1893)