Overview
One-Armed Bandit is a game where you pull a lever, and a random prize is dispensed from one of the arms. The goal is to figure out which arm is the most likely to dispense a prize. Sounds simple, but it's actually super hard.
Key Strategies:
- Exploration: Try all the arms, record your results, and make an educated guess.
- Probability: Calculate the odds, use Bayes' Theorem, and get all fancy with your stats.
- Intuition: Just pull the arm that looks the most promising.
Which strategy will you use?
Intuition Probability Exploration