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I've heard of the one-armed bandit a few times from people playing on Echo Arena. 21 Corpus ID: 120035303; A TWO-ARMED BANDIT PROBLEM WITH ONE ARM KNOWN INCLUDING SWITCHING COSTS AND TERMINAL REWARDS @article{Hamada1987ATB, title={A TWO-ARMED BANDIT PROBLEM WITH ONE ARM KNOWN INCLUDING SWITCHING COSTS AND TERMINAL REWARDS},. com. This strategy lets you choose an arm at random with uniform probability for a fraction $\epsilon$ of the trials (exploration), and the best arm is selected $(1 - \epsilon)$ of the trials (exploitation). + Follow. over the past 20 years as Payne’s son Lynn and daughter Mandy have joined the show, the Tulsa World reported. It is easiest to formulate the bandit problem as an infinite horizon Markov decision problem in discrete time with time index t = 0, 1,… At each t, the decision maker chooses amongst K arms and we denote this choice by a t ∈ {1,. 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