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What is exploitation and exploration trade-off?

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An important concept in reinforcement learning is the exploration and exploitation trade-off.

Exploration, like the name suggests, is about exploring and capturing more information about an environment. On the other hand, exploitation is about using the already known exploited information to heighten the rewards.

Consider the fox and tiger example, where the fox eats only the meat (small) chunks close to him but he doesn’t eat the bigger meat chunks at the top, even though the bigger meat chunks would get him more rewards.

If the fox only focuses on the closest reward, he will never reach the big chunks of meat, this is called exploitation.

But if the fox decides to explore a bit, it can find the bigger reward i.e. the big chunk of meat. This is exploration.

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