Questions tagged [exploration-exploitation]

Discusses strategies for both exploring the world and taking advantage of the gathered data, when we don't have full certainty about the payoffs.

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Maximizing the number of heads in $N$ tosses by choosing which coin to toss

Assume you have two coins $A,B$ with biases $P_A,P_B$ respectively. We would like to make $N$ coin tosses and get the maximal number of heads possible. Unfortunately, we know $P_B$, but $P_A$ is ...