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

Explore or Exploit: The Hidden Decision that Guides Your Life

Curated from: scotthyoung.com

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Explore Or Exploit ?

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 try new dishes.

Even micro-decisions like whether to drive home the usual way during your commute, or take a new route are a version of the explore-exploit problem.

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Solving The Problem...

  • 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 explore new options when they think they’ll have more time to act.
  • The third option is to gather information from outside of our personal experience to get some knowledge of how good the new opportunities are .

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Age V/S Exploration

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 explorers. They’ll try things they’re bad at. In contrast, as we get older, we orient our lives around known rewards.

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Local Maxima Traps ...

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 successes at the cost of loosing your long term goals or passion.

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Ambition V/S Exploration

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 gigs.

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More Exploration Isn't Always Good...

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 today's demands for trying something new, we may end up making wrong decisions.

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Cultivating Spaciousness.

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 overwhelming loosen up a little.

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IDEAS CURATED BY

gahlot_adi_1603

Student, Eager to learn either through life , experiences or people, Passionate about the things i love #passionate .. #explorer

CURATOR'S NOTE

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....

Aditya Gahlot's ideas are part of this journey:

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