Say I have a button in my website that I want to optimize the size given some metric. In order to use multi armed bandits for that, there are some things I would like to consider:
- My metric is a concave function with respect to the button size
- The button currently exists, and I would like to try similar sizes to it at first. As I'm confident the sizes I tested are leading to better results, I start to explore further sizes. For example, say my button is 50px wide. I start testing 40px and 60px. As I get more confident that 60px is leading to better results, I start to try 70px, and so on.
- The goal of the last bullet is to not have to specify a limit size to explore and at the same time to not try crazy values from the beginning.
I've read about epsilon-greedy and thompson sampling. Both seem to be adaptable to my case, but I would like to know if there is already a stablished method for that