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:
“Vanessa wanted to be a ballerina. Dad had such hopes for her.... Corin was the academically brilliant one, and a fencer of Olympic standard. Everything was expected of them, and they fulfilled all expectations. But I was the one of whom nothing was expected. I remember a game the three of us played. Vanessa was the President of the United States, Corin was the British Prime Minister—and I was the royal dog.”
—Lynn Redgrave (b. 1943)
“Somebody who should have been born
is gone.
Yes, woman, such logic will lead
to loss without death. Or say what you meant,
you coward . . . this baby that I bleed.”
—Anne Sexton (1928–1974)