Simulation with Python: Develop Simulation and Modeling in Natural Sciences, Engineering, and Social Sciences

© The Author(s), under exclusive license to APress Media, LLC, part of Springer Nature 2022

R. Li, A. NakanoSimulation with Pythonhttps://doi.org/10.1007/978-1-4842-8185-7_3

3. Multi-armed Bandits, Probability Simulation, and Bayesian Statistics

Rongpeng Li¹   and Aiichiro Nakano¹

(1)

Los Angeles, CA, USA

 

Bob walks into a casino at dusk. He wants to try his luck as much as possible tonight. He begins playing the slot machine game which is simple and straightforward: you get three same symbols, you win. There are three different machines in the lobby, and Bob has 100 dollars to spend.

Bob knows that these machines have different probabilities of winning, and each pull will cost him 1 dollar. The question now is to find the best winning strategy for ...