Balancing exploration and exploitation with information and randomization

Explore-exploit decisions require us to trade off the benefits of exploring unknown options to learn more about them, with exploiting known options, for immediate reward. Such decisions are ubiquitous in nature, but from a computational perspective, they are notoriously hard. There is therefore much interest in how humans and animals make these decisions and recently there has been an explosion of research in this area. Here we provide a biased...