Multi-Armed Bandits

Here are four slot machines. They have different win rates. Your job is to make as much money as possible. You'll have to make a trade off between exploration (finding out the machine that pays out the most often) and exploitation (you'll win as much as possible when playing the best machine). Compare with others how well you're doing. Everyone gets the same wins on plays, so it's a fair comparison.

Each play costs €1 and a win pays out €2.