Who developed the Win-Stay, Lose-Shift algorithm?

The concept of over exploration can be mitigated in decision making by implementing strategies such as the 37% rule, the explore/exploit trade-off, and the Win-Stay, Lose-Shift algorithm. The 37% rule suggests that one should spend 37% of their time researching before making a decision, then commit to the next best choice they find. The explore/exploit trade-off emphasizes the need to balance the tried and tested with the new and risky. The Win-Stay, Lose-Shift algorithm, developed by mathematician Herbert Robins, suggests that one should stick with a decision until it proves unsuccessful, at which point they should switch to a different approach.

The effectiveness of the 37% rule can be influenced by several factors. Firstly, the amount of time you have to make decisions can greatly impact the effectiveness of this rule. If you have a limited amount of time, you may not be able to fully utilize the 37% of the time for research. Secondly, the nature of the decision can also affect the rule's effectiveness. If the decision involves high risks, you may need to spend more than 37% of your time on research. Lastly, personal factors such as your ability to make quick decisions and your risk tolerance can also influence the effectiveness of the 37% rule.