Multi-Armed Bandit Algorithms: Analysis and Applications Across Domains
Qinchuan Zhang
Abstract:This study provides an in-depth exploration of the pivotal role of Multi-Armed Bandit (MAB) Algorithms in decision-making across diverse sectors, focusing on their theoretical foundations, real-world applications, and empirical evidence. MAB Algorithms, metaphorically representing choices among various slot machine arms with different rewards, are crucial in optimizing decisions in uncertain settings by striking a balance between exploration and exploitation. It examines four principal algorithms—Greedy, Epsil… Show more
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