Ep. 1069: Algos, Negotiation, Meditations with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Overexploring in a Lab Setting
People tend to over-explore. They gather more information than they need to, don't commit as much. The famous experiment in which this comes up was won by Amos Tversky and some of his colleagues back in the 1960s or 70s. This is a version of the problem known as the restless bandit problem. It turns out that humans are very well adapted for the sort of dynamic and changing world we live in.
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