Loss function: Difference between revisions

Revision as of 15:04, 20 December 2024

Revision as of 16:21, 20 December 2024

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===Regret===

{{main|Regret (decision theory)}}

[[Leonard J. Savage]] argued that using non-Bayesian methods such as [[minimax]], the loss function should be based on the idea of ''[[regret (decision theory)|regret]]'', i.e., the loss associated with a decision should be the difference between the consequences of the best decision that could have been made under circumstances hadwill beenbe known and the decision that was in fact taken before they were known.

===Quadratic loss function===