Should I stay or should I go? How the human brain manages the trade-off between exploitation and exploration

Jonathan D. Cohen · Samuel M. McClure · Angela J. Yu

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Decision-Making and Behavioral Economics Memory and Neural Mechanisms Neural and Behavioral Psychology Studies

Abstract

Abstract Many large and small decisions we make in our daily lives—which ice cream to choose, what research projects to pursue, which partner to marry—require an exploration of alternatives before committing to and exploiting the benefits of a particular choice. Furthermore, many decisions require re-evaluation, and further exploration of alternatives, in the face of changing needs or circumstances. That is, often our decisions depend on a higher level choice: whether to exploit well known but possibly suboptimal alternatives or to explore risky but potentially more profitable ones.

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2013Foraging across the life span: is there a reduction in exploration with aging?2011The Value of Foresight: How Prospection Affects Decision-Making 2012Do not Bet on the Unknown Versus Try to Find Out More: Estimation Uncertainty and “Unexpected Uncertainty” Both Modulate Exploration 2021An empirical evaluation of active inference in multi-armed bandits 2012The Origins of Options 2011Social Performance Cues Induce Behavioral Flexibility in Humans 2021Time pressure changes how people explore and respond to uncertainty 2021Protection from uncertainty in the exploration/exploitation trade-off.

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