Make Out Like a Bandit

Kimmons, R.

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<p name="p_TUFB"></p><figure class="mx-auto col-12 col-md-8"><img src="https://edtechbooks.org/content_images/open_education/multiarmed_bandit.jpg" alt="an octopus playing with slot machines" class="img-fluid img-thumbnail" data-mce-src="https://edtechbooks.org/content_images/open_education/multiarmed_bandit.jpg"></figure><p>You are an octopus at a casino. You want to make as much money as possible by pulling levers on 8 different slot machines. Each time you pull a lever, it costs you $5.</p><p>Click on the buttons below to pull a lever.</p><div id="p_qBCe" class="text-center mb-3 input-group"><div class="input-group-prepend"><label class="input-group-text" for="bandit-clicks" style="font-size: 2em;" data-mce-style="font-size: 2em;">Pulls</label></div><input id="bandit-clicks" class="form-control" style="font-size: 2em; width: 200px;" disabled="disabled" type="text" value="0" data-mce-style="font-size: 2em; width: 200px;"><div class="input-group-prepend"><label class="input-group-text" for="bandit-total" style="font-size: 2em;" data-mce-style="font-size: 2em;">$</label></div><input id="bandit-total" class="form-control" style="font-size: 2em; width: 200px;" disabled="disabled" type="text" value="0" data-mce-style="font-size: 2em; width: 200px;"><div class="input-group-prepend"><label class="input-group-text" for="bandit-net" style="font-size: 2em;" data-mce-style="font-size: 2em;">Net $</label></div><input id="bandit-net" class="form-control" style="font-size: 2em; width: 200px;" disabled="disabled" type="text" value="0" data-mce-style="font-size: 2em; width: 200px;"></div><div class="text-center"><button class="bandit btn btn-primary mx-2" data-min="1" data-max="6">1</button> <button class="bandit mx-2 btn btn-primary" data-min="2" data-max="7">2</button> <button class="bandit mx-2 btn btn-primary" data-min="3" data-max="8">3</button> <button class="bandit mx-2 btn btn-primary" data-min="0" data-max="6">4</button> <button class="bandit mx-2 btn btn-primary" data-min="1" data-max="9">5</button> <button class="bandit mx-2 btn btn-primary" data-min="1" data-max="8">6</button> <button class="bandit mx-2 btn btn-primary" data-min="0" data-max="10">7</button> <button class="bandit mx-2 btn btn-primary" data-min="4" data-max="7">8</button></div><p name="p_TUFB"></p><p name="p_TUFB">How much fictional money can you make in...</p><ul id="ul_wNPv" name="ul_wNPv"><li id="li_kpGn" name="li_kpGn">10 pulls?</li><li id="li_Dusg" name="li_Dusg">20 pulls?</li><li id="li_EzJf" name="li_EzJf">50 pulls?</li><li id="li_zKbe" name="li_zKbe">100 pulls?</li></ul><div class="callout default" data-callout-custom-class="default"><h3 id="h3_IJed" name="h3_IJed">Reflection</h3><p id="p_FTed" class="mt-4" name="p_FTed">Which button was the most profitable?</p><p id="p_LskG" class="mt-4" name="p_LskG">How much money did you have to lose before you figured this out (and started to come out ahead)?</p><p id="p_UvCB" class="mt-4" name="p_UvCB">What was your strategy for balancing Exploitation (i.e., earning the most money possible from buttons that were returning high values) and Exploration (i.e., trying new buttons)? When did you move on, and when did you stay?</p><p id="p_otcQ" class="mt-4" name="p_otcQ">Are you certain that you couldn't have made more money if you had explored more? Why? (The best algorithms can net around $60 in 100 clicks.)</p><p class="mt-4" name="p_otcQ">If you were to write instructions to systematically choose the best solution in another scenario, what process would you follow?</p></div>