Mini toolsDefinition
The fundamental trade-off between trying new actions to discover better strategies (exploration) and using known good strategies (exploitation).
Detailed Explanation
This dilemma represents the need to balance between exploring new actions to gather more information and exploiting current knowledge to maximize immediate reward. Various strategies exist to manage this trade-off, such as ε-greedy, softmax, and upper confidence bound algorithms.
Use Cases
A/B testing, clinical trials, recommendation systems, online advertising
