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:
“Defaced ruins of architecture and statuary, like the wrinkles of decrepitude of a once beautiful woman, only make one regret that one did not see them when they were enchanting.”
—Horace Walpole (1717–1797)
“Make the most of your regrets; never smother your sorrow, but tend and cherish it till it come to have a separate and integral interest. To regret deeply is to live afresh.”
—Henry David Thoreau (1817–1862)
“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)