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.
Read more about this topic: Loss Function
Famous quotes containing the word regret:
“You clearly hate to yield, but you will regret it when your anger has passed. Such natures are justly the hardest for themselves to bear.”
—Sophocles (497–406/5 B.C.)
“If we focus mostly on how we might have been partly or wholly to blame for what might have been less than a perfect, problem- free childhood, our guilt will overwhelm their pain. It becomes a story about us, not them. . . . When we listen, accept, and acknowledge, we feel regret instead, which is simply guilt without neurosis.”
—Jane Adams (20th century)
“I should not regret a fair and full trial of the entire abolition of capital punishment.”
—James Madison (1751–1836)