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)
“Why was the human race created? Or at least why wasn’t something creditable created in place of it? God had His opportunity. He could have made a reputation. But no, He must commit this grotesque folly—a lark which must have cost Him a regret or two when He came to think it over and observe effects.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“I regret the unhappiness of princes who are slaves to forms and fettered by caution.”
—Elizabeth I (1533–1603)