The theory of statistical decision¶
Savage, L. J. (1951). The theory of statistical decision. Journal of the American Statistical Association, 46(253), 55-67.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Regret
- Regret is the value gap an agent registers between the outcome it actually obtained and the better outcome that a forgone alternative would have produced — a comparison made after the fact against a counterfactual reference rather than against prior expectations, a structure Savage (1951) first made formal in proposing the minimax-regret criterion.
This sourceIntroduces the minimax-regret criterion, the formal origin of regret as a prior-free decision objective scored against the best act in hindsight.
- Regret is the value gap an agent registers between the outcome it actually obtained and the better outcome that a forgone alternative would have produced — a comparison made after the fact against a counterfactual reference rather than against prior expectations, a structure Savage (1951) first made formal in proposing the minimax-regret criterion.
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