Expected Loss
The value of the loss function itself is a random quantity because it depends on the outcome of a random variable X. Both frequentist and Bayesian statistical theory involve making a decision based on the expected value of the loss function: however this quantity is defined differently under the two paradigms.
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Famous quotes containing the words expected and/or loss:
“For me chemistry represented an indefinite cloud of future potentialities which enveloped my life to come in black volutes torn by fiery flashes, like those which had hidden Mount Sinai. Like Moses, from that cloud I expected my law, the principle of order in me, around me, and in the world.... I would watch the buds swell in spring, the mica glint in the granite, my own hands, and I would say to myself: “I will understand this, too, I will understand everything.””
—Primo Levi (1919–1987)
“Progress may feel more like loss than gain.”
—Mason Cooley (b. 1927)