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)
“War seems to be one of the most salutary phenomena for the culture of human nature; and it is not without regret that I see it disappearing more and more from the scene.”
—Karl Wilhelm Von Humboldt (1767–1835)
“We now talk of our killed and wounded. There is however a very happy feeling. Those who escape regret of course the loss of comrades and friends, but their own escape and safety to some extent modifies their feelings.”
—Rutherford Birchard Hayes (1822–1893)