Savage also argued that using non-Bayesian methods such as minimax, the loss function should be based on the idea of regret, i.e., the loss associated with a decision should be the difference between the consequences of the best decision that could have been taken had the underlying circumstances been known and the decision that was in fact taken before they were known.
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Famous quotes containing the word regret:
“If one hears truth in the morning, one may die without regret in the evening.”
—Chinese proverb.
Confucian Analects.
“Defaced ruins of architecture and statuary, like the wrinkles of decrepitude of a once beautiful woman, only make one regret that one did not see them when they were enchanting.”
—Horace Walpole (1717–1797)
“Summoning a child’s voice from a webfoot stone,
Never never oh never to regret the bugle I wore
On my cleaving arm as I blasted in a wave.
Now shown and mostly bare I would lie down,
Lie down, like down and live
As quiet as a bone.”
—Dylan Thomas (1914–1953)