How Do Genetic Algorithms Work? [video]
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I'm currently putting together a shader based polygon evolver and one of the things that I want to implement is smarter mutations where it weighs the relative importance of each gene and can more aggressively mutate genes that contribute the least.
However does it really matter? It might save a little bit of time at best. But almost everyone has heard of genetic algorithms, so it's easier to talk about, than talking about particle swarm optimizations or whatever. Also genetic algorithms tend to excite people in a way that other metaheuristics just don't. People are fascinated with genetic algorithms, not so much with hillclimbing.
My stab at explaining GA's: http://ai-maker.atrilla.net/the-%EF%BB%BFgenetic-algorithms/
Of course they're definitely great for evolving little cars, like this other example shows: http://rednuht.org/genetic_cars_2/
My favorite is the guy who got e-ink displays to work using them.
Also see the Hummie awards, for the best use of genetic algorithms outperforming humans: http://www.genetic-programming.org/combined.php
Exploration and / vs exploitation is just a natural consequence of trying to make best sense of the unknown environment. Different algorithms have different strategies for this, and are generally suited for different classes of problems (generally, the issue would be matching the nature of the problem with the nature of the optimization algorithm - which brings up things like the no free lunch theorem).