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:
“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)
“No need to be sentimental to mourn the loss of Paradise.”
—Mason Cooley (b. 1927)