When to stop exploring options
by Sierras · 5 things on Twos
- When you know a lot about how good each option is. There's less to explore, so the value of information that you would gain from exploring is lower.
- If you don't have much time left to reap the benefit of a decision option, then you should double-down on the best option you know of rather than exploring unknown options. This is because exploration has an opportunity cost.
- When there's less of a chance of outstanding/exceptional options. That is, if the options are anything other than a heavy-upper-tailed distribution, stop exploring.
- When the cost of exploring is expensive relative to the value of the options being explored.
- Source: When to Stop Exploring - Clearer Thinking exercise