Explore vs Exploit

Consider a thought experiment to explain a concept called “explore and exploit” where you have many many slot machines with different percentages of winning, and different amounts to win. You can continue to “explore,” thus increasing the chances of finding newer slot machines that pay out more often, or at larger amounts. or you could “exploit” the best slot machines you have already found. This makes for a nice metaphor when trying to improve an information diet.


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