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By Cem Tekin, Mingyan Liu. In such problems, any decision serves the purpose of exploring or exploiting or both. This balancing act between exploration and exploitation is characteristic of this type of "learning-on-the-go" problem, in which we have to instantaneously apply what we have learned so far, even as we continue to learn.
When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.