Applications of MAB
So far, we have learned about the MAB problem and how can we solve it using various exploration strategies. But our goal is not to just use these algorithms for playing slot machines. We can apply the various exploration strategies to several different use cases.
For instance, bandits can be used as an alternative to AB testing. AB testing is one of the most commonly used classic methods of testing. Say we have two versions of the landing page of our website. Suppose we want to know which version of the landing page is most liked by the users. In this case, we conduct AB testing to understand which version of the landing page is most liked by the users. So, we show version 1 of the landing page to a particular set of users and version 2 of the landing page to other set of users. Then we measure several metrics, such as click-through rate, average time spent on the website, and so on, to understand which version of the landing page is most liked by the users...