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:
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“Sensible people get the greater part of their own dying done during their own lifetime. A man at five and thirty should no more regret not having had a happier childhood than he should regret not having been born a prince of the blood.”
—Samuel Butler (1835–1902)