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V_V comments on Versions of AIXI can be arbitrarily stupid - Less Wrong Discussion
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In theory, changing the exploration rate and changing the prior are equivalent. I think that it might be easier to decide upon an exploration rate that gives a good result for generic priors, than to be sure that generic priors have good exploration rates. But this is just an impression.
Not really. Standard AIXI is completely deterministic, while the usual exploration strategies for reinforcement learning, such as ɛ-greedy and soft-max, are stochastic.