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The Explore vs. Exploit Dilemma
Multi-armed bandits and a prolonged analogy
On the contrary, if we expect rewards to be fairly consistent across arms, we may prefer a larger β\beta β, quickly shifting to exploitation since exploration is less likely to yield drastically different results. Risk Tolerance: If our strategy prioritizes high-risk, high-reward outcomes, a smaller β\beta β allows more exploration, potentially discovering arms with rare but substantial rewards. I have done a lot of exploring all throughout high school, studying many different scientific subjects for various olympiad competitions, working in various research groups, and having a general exposure to what the final t=1t=1t=1 exploitative policy would look like for many possible arms, whether SWE, quant, or academia.
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