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.
Read more about this topic: Loss Function
Famous quotes containing the words expected and/or loss:
“When we see a natural style, we are astonished and delighted; for we expected to see an author, and we find a man.”
—Blaise Pascal (1623–1662)
“The traditional American husband and father had the responsibilities—and the privileges—of playing the role of primary provider. Sharing that role is not easy. To yield exclusive access to the role is to surrender some of the potential for fulfilling the hero fantasy—a fantasy that appeals to us all. The loss is far from trivial.”
—Faye J. Crosby (20th century)