Explore vs Exploit - Deepstash

Explore vs Exploit

When should you be exploring new options and when should you start settling for the best option you already know? Consider these concepts: 

  • Regret Minimisation Framework: When you look back on your life when you’re 80, what will you regret least?
  • Exploring: In decision making, we consider the single highest pay-off on our single decision, but in the long term, it’s way more efficient to first explore your options, before exploiting the highest pay-off decision.
  • Ageing: Deepest insight about later life is that you can exploit knowledge acquired over decades — life should get better over time.

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leilanie

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