Frequentist decision theory

Frequentist decision theory is a way of choosing the best action based on the likelihood of different outcomes, as understood through observed data. It involves assessing the probabilities of various results happening under each decision, and then selecting the option that minimizes potential losses or maximizes benefits, based on these probabilities. Essentially, it guides decision-making by relying on the frequency of past events and statistical evidence, aiming to optimize results in uncertain situations without incorporating personal beliefs or prior information about the future.