Exploration vs exploitation (work in progress)
November 15, 2020
There is a large amount of uncertainty regarding the value of domains you haven’t explored. Today you’re aware of only very small amount of things what is possible in this world. For example, there could be a group of people and a culture which would give you the best time of your life, but you are just not aware of that. There exists a branch of science, which would give you chills every time you learned a new aspect of it. If your focus is too narrow, you’ll miss out on what the world has to offer. If your focus is too broad, you’ll never reap the full rewards of that which you have already discovered. You need to carefully invest time in new domains to “sample” the value of those domains, to see whether they contain useful concepts worth investing more time in.
If you look at image 1, you can see that currently economics seems the best choice for the student. However the student has only explored biology superficially and there’s a lot of uncertainty regarding its long-term mean reward. It could very well be that biology gives the best value out of these three to the student over long-run. Only by dedicating some of our time to exploring new possibilities can we be more confident about optimality of our choices.
Biggest takeaway from this article is simply that there exists this setting of exploration vs exploitation and your whole life you have been balancing to one or another without consciously thinking about it. If we start to allocate our resources more analytically to find a better balance between these two, we can improve quality of our life tremendously.
With analytical approach to exploration vs exploitation setting, we can improve our lives to a great extent
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