James Sanchirico

It Pays to Explore in Times of Uncertainty

July 29, 2019
To Explore or Exploit? Fishing Vessel Records Show Trade-offs

When making choices, people tend either to go with what they know or try something new. We experience this trade-off every day, whether choosing a route to work or buying breakfast cereal. But does one strategy have an advantage over another? Researchers decided to examine this question by looking at fishing boat captains, who face this choice again and again when deciding where to fish.