The explore/exploit dilemma teaches us when to try something new and when to stick with what works from "summary" of Algorithms to Live By by Brian Christian,Tom Griffiths
The explore/exploit dilemma is a fundamental concept that can guide our decision-making in various aspects of life. It forces us to consider the trade-off between trying something new (exploration) and sticking with what we know works (exploitation). The dilemma is particularly relevant in situations where we have limited time or resources. Should we try out a new restaurant or stick with our favorite spot? Should we continue to search for a better parking spot or settle for the one we've found? These decisions require us to strike a balance between exploring new possibilities and exploiting what we already know to be successful. One key insight from the explore/exploit dilemma is the idea of the "optimal stopping rule." This rule suggests that there is a point at which we should stop exploring and start exploiting in order to maximize our chances of success. Another important aspect of the explore/exploit dilemma is the concept of "probability matching." This strategy involves balancing our exploration and exploitation efforts in proportion to the likelihood of success. For example, if a certain option has a higher probability of success, we should allocate more resources to exploiting it and less to exploring other options.- We can make more informed decisions in both our personal and professional lives. Knowing when to try something new and when to stick with what works can lead to better outcomes and more efficient use of our time and resources. Ultimately, the explore/exploit dilemma teaches us how to navigate the complex trade-offs inherent in decision-making and maximize our chances of success.
