Indeed this discussion was edifying, and it challenged some of our everyday decision-making processes. The proposals you have suggested in your example would be applicable in different fields of commerce. Various business companies can utilize the explore-exploit trade-off using different advertisement options such as social media, ads, and televisions to woo customers into buying their products. Together with having information on customer needs, this technique will be a success.
Tom Griffiths presents very insightful thoughts on making the best decisions and solving common social problems by thinking like a computer. In his Ted Talk, there are three most fundamental approaches to the decision-making process. These methods would facilitate decision-making in limited time, difficult comparisons, and breaking huge problems into small, easily solvable ones. In his first suggestion of using the 37% rule, families considering relocating can apply this rule to find the best-matched neighborhood. In this scenario, a family can scan 37% of the available options, considering their needs like children’s new school, distance traveled to and from work, and security. In an explore/exploit the situation, a student joining college would benefit by comparing the time needed in their academic course and whether they can simultaneously engage in sports activities, community volunteering, or work-school program. Students with extra free time may explore some of the available extra-curricular options that a short academic course might not permit for another learner.
Finally, a government facing endless challenges during a pandemic and with limited funds may decide to make the best decision in the shortest time. For instance, during a pandemic, the government may decide to deal with immediate needs like sustaining citizens’ livelihood and offering direct aid. From the numerous functions that the government plays, it could postpone some of its roles like organizing and hosting sports activities and first minimize the effects of the pandemic.