So far, we have looked at the MAB problem and how we can solve it using various exploration strategies. But bandits are not just used for playing slot machines; they have many applications.
Bandits are used as a replacement for AB testing. AB testing is one of the commonly used classical methods of testing. Say you have two versions of the landing page of your website. How do you know which version is liked by most of the users? You conduct an AB test to understand which version is most liked by users.
In AB testing, we allocate a separate time for exploration and a separate time for exploitation. That is, it has two different dedicated periods only for exploration and exploitation alone. But the problem with this method is that this will incur a lot of regrets. So, we can minimize the regret using various exploration strategies that we use to solve MAB. Instead...
