Exploration vs. Exploitation: Comparative Analysis and Practical Applications of Multi-Armed Bandit Algorithms

Qinlu Cao

2024

Abstract

The exploration-exploitation dilemma is a fundamental challenge in the field of decision-making and optimization, addressed through the Multi-Armed Bandit (MAB) problem. This paper provides a comprehensive review and comparative analysis of various MAB algorithms, tracing their evolution from basic to advanced strategies and highlighting their application across diverse domains such as online advertising, clinical trials, and machine learning. I begin with foundational algorithms like the Greedy and Epsilon-Greedy algorithms, which lay the groundwork for understanding the basic trade-offs in MAB scenarios. The discussion extends to more sophisticated approaches, such as the Upper Confidence Bound (UCB) and Thompson Sampling, detailing their theoretical underpinnings and practical utilities. Advanced algorithms like Bayesian Optimization and Gaussian Processes are explored for their efficacy in high-stakes environments where decision-making is critically dependent on the accuracy and timeliness of exploration. Through a methodical evaluation, this paper delineates the performance metrics of each algorithm under various conditions, offering insights into their operational strengths and limitations. The analysis not only enhances our understanding of MAB algorithms but also informs their implementation in real-world applications, thereby bridging the gap between theoretical research and practical application. This synthesis of knowledge underscores the dynamic nature of the MAB problem and its significance in advancing the frontiers of automated decision-making systems.

Paper Citation

in Harvard Style

Cao Q. (2024). Exploration vs. Exploitation: Comparative Analysis and Practical Applications of Multi-Armed Bandit Algorithms. In Proceedings of the 1st International Conference on Engineering Management, Information Technology and Intelligence - Volume 1: EMITI; ISBN 978-989-758-713-9, SciTePress, pages 412-416. DOI: 10.5220/0012939100004508

in Bibtex Style

@conference{emiti24,
author={Qinlu Cao},
title={Exploration vs. Exploitation: Comparative Analysis and Practical Applications of Multi-Armed Bandit Algorithms},
booktitle={Proceedings of the 1st International Conference on Engineering Management, Information Technology and Intelligence - Volume 1: EMITI},
year={2024},
pages={412-416},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012939100004508},
isbn={978-989-758-713-9},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on Engineering Management, Information Technology and Intelligence - Volume 1: EMITI
TI - Exploration vs. Exploitation: Comparative Analysis and Practical Applications of Multi-Armed Bandit Algorithms
SN - 978-989-758-713-9
AU - Cao Q.
PY - 2024
SP - 412
EP - 416
DO - 10.5220/0012939100004508
PB - SciTePress