Explore or exploit?

Other names: Optimal stopping rule, 37% rule

concept taken from computer science and Algorithms to Live by.

TLDR answer reject everybody and then pick the best after you tried about third of options


Is it better to explore new options or settle on the one you already know are of quality(new vs liked: restaurant, music?

Explained on Secretary Problem

You probably don’t want to hire the first person you interview, since you don’t know what the baseline is. You don’t want to hire the last person either: you almost certainly have passed on your best candidate at this point. So the optimal strategy involves interviewing and rejecting the first few candidates no matter how good they are: just to set up the baseline first and then hiring the best you’ve seen so far after. This optimal point turns out to be 1/e or about 37%. Reject 37% of the applicants, and then hire the next one better than anyone you’ve seen so far.