The Explore/Exploit Trade Off. The best algorithm for when to try new things and when to stick to what you know: the Gittins Index. Based on a chapter of the book Algorithms to Live By, The Computer Science of Human Decisions by Brian Christian and Tom Griffiths.

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Sources:
Algorithms to Live By The Computer Science of Human Decisions by Brian Christian and Tom Griffiths
https://www.amazon.com/AlgorithmsLiv...

http://criticaldensity.blogspot.com/2...

Further reading on the Gittins Index:
https://en.wikipedia.org/wiki/Gittins...
http://www.ece.mcgill.ca/~amahaj1/pro...
http://www.mit.edu/~jnt/Papers/J0489...