Which of the following best describes the dilemma faced in the multi-armed bandit problem?

  • Balancing exploration (trying different actions) and exploitation (using the best-known action)
  • Choosing the arm with the highest mean reward
  • Maximizing rewards from a single arm
  • Choosing arms randomly
The multi-armed bandit problem revolves around the exploration-exploitation trade-off, where you must balance trying new actions (exploration) with exploiting the known best action (exploitation) to maximize cumulative rewards.
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