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:
“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.”
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