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:
“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)
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—Karl Wilhelm Von Humboldt (1767–1835)
“No entertainment is so cheap as reading, nor any pleasure so lasting. She will not want new fashions nor regret the loss of expensive diversions or variety of company if she can be amused with an author in her closet.”
—Mary Wortley, Lady Montagu (1689–1762)