Sure Choice or Something New?
Previously I wrote about commitments paying dividends. Today we’ll talk about a related topic which is the Explore vs. Exploit problem.
This problem is where you must choose between sticking with a known option or try something new which could be even better. It happens all the time. What are you going to eat for dinner? Who are you going to spend the weekend with? You are constantly making decisions.
Food
Does a death row inmate request a dish he hasn’t tried for a last meal? If he is rational, no. The choice to try something new, to explore, only makes sense if you think you can get more from it than a sure choice.
If you like a restaurant do you go back? Sure, but how do you decide when to choose a new one? If you think it could yield something good then maybe you do. Doing research like reading Yelp helps you gain more information on what to explore. If you find a good, new restaurant then you have the opportunity to go there again and again. However, if you are moving out of the city next week, then even if you try a great new place you will only get to go once or twice more.
Purchases
When you make a purchase are you going to stick with the reliable or try a new brand?Ever seen Mark Zuckerberg? He’s always wearing a t-shirt. In fact, the same custom one he has many of. By committing to a simple wardrobe he has eliminated the need to think of what he is going to wear. A decision to wear one thing has probably saved him lots of time.
I recently went to Japan and found shampoo that I really enjoyed. Now, I’m not a person who really cares. Pert is great; I’ll take anything from Costco. But this was a head above the rest. So, I ordered 4 bottles, which are pictured. Making a decision is to stick with something ends up saving you time because you don’t have to continue exploring.
Work
If you have a job you probably commit to showing up regularly, but at some point you may want to get a new one. Maybe you want more money, a new challenge, or think you’ll get laid off you may find it better to explore than to continue at the job you have. If you are retiring in a few years, then moving may not be as rewarding.
Conclusion
Hopefully you have learned something. If you have more time, then the exploring is more attractive since you’ll have more opportunities to exploit if you find something good. So many decisions are explore vs. exploit and we make them without realizing.