Ep. 895: Algorithms, Negotiation and Persuasion with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Impossibility of Overexploring
People tend to over explore. They gather more information than they need to, don't commit as much and that sort of thing. The famous experiment in which this comes up was won by Amos Tversky back in the 1960s or 70s. This is a version of the problem known as the restless bandit problem. But when one of these restless bandit problems can change the world itself, then you should really spend more time gathering info before committing yourself for smaller stretches of time.
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