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:
“What strikes me as odd now is how much my father managed to get across to me without those heart-to-hearts which I’ve read about fathers and sons having in the study or in the rowboat or in the car.... Somehow I understood completely how he expected me to behave, in small matters as well as large, even though I can’t remember being given any lectures about it beyond the occasional, undramatic “You might as well be a mensch.””
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“Every farewell combines loss and new freedom.”
—Mason Cooley (b. 1927)