Bandit Problem

The Bandit Problem refers to a situation where a person must choose between multiple options (like slot machines or "bandits") to maximize rewards over time, but they don't know which option is the best. Each option has an uncertain payout, and the challenge is to balance gaining immediate rewards from options that seem good (exploration) with focusing on the option that appears most promising (exploitation). In essence, it's about making strategic choices under uncertainty to find the best outcome in various situations, such as investments, marketing strategies, or even learning preferences.