Explore or Exploit: The Hidden Decision that Guides Your Life - Deepstash

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Every decision has two options, try something new (explore) or stick to the normal (exploit). So it becomes important when to explore and when to exploit. So here's the content that guide's you through this decision making and make your life more simple....

SCOTTHYOUNG

Explore or Exploit: The Hidden Decision that Guides Your Life

Explore or Exploit: The Hidden Decision that Guides Your Life

scotthyoung.com

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Explore Or Exploit ?

When you go to the restaurant you always have a choice: eating something, you know is pretty good (exploit), or try something else which might be even better (explore)?

The human logic mostly favour's picking up the thing you know is good or you like but this doesn’t mean you should never t...

  • One option is to make the decision you know is best, given the information available (exploit), but you should add some randomness to it, so to try something new (explore).
  • Another option is to deliberately explore when you’ll have more time. In experiments, people are more likely to...

Age V/S Exploration

Time plays a crucial role in explore/exploit trade-offs.

If you have much more time to take advantage of new situations, you will have more likely to explore new things. But If time is limited, you will stick to the things you know the best.

For instance, children are the ultimate exp...

Local Maxima Traps ...

Being exposed to a particularly high-value opportunity early can trick our brains. It’s easy to prematurely exploit—choosing big tips at the expense of a better long-term career.

Be wary how you judge early successes or failures. Sometimes an early success can be a trap. Don't choose early ...

Ambition V/S Exploration

Openess to new experiences seems correlated with exploration. Some people have such traits, while other's go for the safe bet.

More ambitious prople will likely to explore more, since their expectations from future rewards are much higher. This helps is turning down great opportunities and ...

More exploration isn't always good, having a space for exploration is more important, instead of exploring everytime. Our intuition about when to explore and when to exploit is fairly enough instead of formal analysis of both the options.

However, if such decisions are forced by sacrificing...

Cultivating spaciousness itself isn’t easy. If you feel trapped, no platitude will open the world up instantly for you.

Instead, you can make small changes that slowly increase the space you have like, improve your finances, health and time management so that constraints which felt overwhe...

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