“…Vessels maximize utility using either: (a) an “explore‐exploit” (EE) algorithm, where each vessel picks a spot to fish randomly in the first period, and then in subsequent periods either picks the most lucrative previous spot (i.e., exploit) or, with some probability, picks a new fishing spot randomly (i.e., explore); or (b) an “explore‐exploit‐imitate” (EEI) algorithm, which is similar to EE except exploiting vessels also have information about the locations and profits of other vessels in the fleet when choosing the best spot (i.e., imitate; see Bailey et al, ; Carrella, ; Carrella et al, for full details). Explore‐exploit models are commonly used in the literature on foraging and environmental management to represent human decision‐making (Berger‐Tal, Nathan, Meron, & Saltz, ; He, Luo, Tan, Wu, & Fan, ; Kunz, ; Roberts & Goldstone, ). Indeed, Carrella et al () compare several possible algorithms in POSEIDON, finding a trade‐off between flexibility and optimization performance, but finding EEI to be among the best on both metrics.…”