Bayesian regret
In stochastic game theory, Bayesian regret is the expected difference ("*regret") between the utility of a Bayesian strategy and that of the optimal strategy (the one with the highest expected payoff).
The term Bayesian refers to Thomas Bayes (1702–1761), who proved a special case of what is now called Bayes' theorem, who provided the first mathematical treatment of a non-trivial problem of statistical data analysis using what is now known as Bayesian inference.
Economics
This term has been used to compare a random buy-and-hold strategy to professional traders' records. This same concept has received numerous different names, as the New York Times notes:
"In 1957, for example, a statistician named James Hanna called his theorem Bayesian Regret. He had been preceded by David Blackwell, also a statistician, who called his theorem Controlled Random Walks. Other, later papers had titles like 'On Pseudo Games', 'How to Play an Unknown Game', 'Universal Coding' and 'Universal Portfolios'".[1]
Social Choice (voting methods)
"Bayesian Regret" has also been used as an alternate term for social utility efficiency, that is, a measure of the expected utility of different voting methods under a given probabilistic model of voter utilities and strategies. In this case, the relation to Bayes is unclear, as there is no conditioning or posterior distribution involved.
See also
References
 | This article has an unclear citation style. (September 2018) |
- ^ Kolata, Gina (2006-02-05). "Pity the Scientist Who Discovers the Discovered". The New York Times. ISSN 0362-4331. Retrieved 2017-02-27.