I tend to frame this in terms of the Multi-Armed Bandit Problem. It's a trade-off between exploration vs exploitation. It's often impossible to predict beforeha

I tend to frame this in terms of the Multi-Armed Bandit Problem. It's a trade-off between exploration vs exploitation. It's often impossible to predict beforehand which strategy is optimal for a given environment. Which, I suspect, is why progressive temperments and conservative temperments coexist.