Multi-Armed Bandit Problem

Every problem has a door labelled with its own name. Multi-Armed Bandit Problem is such a door, and it opens.

The problem persists because it is usually treated as someone else's. Once you accept that the naming of it includes you, solutions stop being exotic and start being obvious.

It is worth keeping in your pocket not because it is always right, but because it is always available. A tool you carry beats a perfect tool you left at home.

Ask the LIC agent at your door and the trader at his terminal — both will tell you the same thing in different clothes: money listens to discipline and laughs at moods.

Money is a good clerk and a terrible master; the arrangement is entirely up to us. You will meet this idea again this week, wearing different clothes. Now you will recognise it.