The exploration-exploitation dilemma is one of the most basic yet frustrating trade-offs in nature. The dilemma consists of a dichotomy that involves “exploiting” existing opportunities to gain short-term known gains versus using that time and “exploring” new opportunities in the hopes of gaining large long-term payoffs. The dilemma can be succinctly summarized by the age-old… Continue reading To explore or exploit?
My wife and I recently spent a magnificent three weeks in Southern Africa. We were amazed at the wildlife in Botswana’s and Namibia’s national parks, which are the closest approximation of the freedom the animals enjoyed in their past. Unlike the not too distant past, the watering holes scattered around Etosha National Park were the… Continue reading Solvitur Ambulando