Computational Model Library

Exploration and Exploitation: Persistence with local exploration under varying resource distribution, resource availability over time and cost of relocation (version 1.0.0)

Organisms, Individuals and Organizations face the dilemma of exploration vs. exploitation
Identifying the optimal trade-off between the two is a challenge
Too much exploration (e.g. gaining new knowledge) can be detrimental to day-to-day survival and too much exploitation (applying existing knowledge) could be detrimental to long term survival esp. if conditions change over time

The purpose of the model is to investigate how the amount of resources acquired (wealth/success) is related to persistence with the strategy of local exploration under different resource distributions, availability of resources over time and cost of relocation

Version Submitter First published Last modified Status
1.0.0 Arpan Jani Mon Sep 30 21:01:48 2019 Mon Sep 30 21:01:48 2019 Published


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