Multi-armed bandit
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High Quality Content by WIKIPEDIA articles! In statistics, particularly in the design of sequential experiments, a multi-armed bandit takes its name from a traditional slot machine (one-armed bandit). Multiple levers are considered in the motivating applications in statistics. When pulled, each lever provides a reward drawn from a distribution associated with that specific lever. The objective of the gambler is to maximize the sum of rewards earned through a sequence of lever pulls. In practice, multi-armed bandits have been used to model the problem of managing research projects in a large or...
High Quality Content by WIKIPEDIA articles! In statistics, particularly in the design of sequential experiments, a multi-armed bandit takes its name from a traditional slot machine (one-armed bandit). Multiple levers are considered in the motivating applications in statistics. When pulled, each lever provides a reward drawn from a distribution associated with that specific lever. The objective of the gambler is to maximize the sum of rewards earned through a sequence of lever pulls. In practice, multi-armed bandits have been used to model the problem of managing research projects in a large organization, like a science foundation or a pharmaceutical company. Given its fixed budget, the problem is to allocate resources to among the competing projects, whose properties are only partially known now but may be better understood as time passes. In the early versions of the multi-armed bandit problem, the gambler has no initial knowledge about the levers.
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