Arpan Jani received his PhD in Business Administration from the University of Minnesota in 2005. He is currently an Associate Professor in the Department of Computer Science and Information Systems at the University of Wisconsin – River Falls. His current research interests include agent-based modeling, information systems and decision support, behavioral ethics, and judgment & decision making under conditions of risk and uncertainty.
agent-based modeling; behavioral ethics; information systems and decision support; project management; judgment & decision making under conditions of risk and uncertainty.
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