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:
“A good decision is based on knowledge and not on numbers.”
—Plato (c. 427–347 B.C.)
“Children can’t make their own rules and no child is happy without them. The great need of the young is for authority that protects them against the consequences of their own primitive passions and their lack of experience, that provides with guides for everyday behavior and that builds some solid ground they can stand on for the future.”
—Leontine Young (20th century)