Exploration-exploitation tradeoffs dictate the optimal distributions of phenotypes for populations subject to fitness fluctuations.

We study a minimal model for the growth of a phenotypically heterogeneous population of cells subject to a fluctuating environment in which they can replicate (by exploiting available resources) and modify their phenotype within a given landscape (thereby exploring novel configurations). The model displays an exploration-exploitation trade-off whose specifics depend on the statistics of the environment. Most notably, the phenotypic distribution corresponding to maximum population fitness (i.e., growth rate) requires a nonzero exploration rate when the magnitude of environmental fluctuations changes randomly over time, while a purely exploitative strategy turns out to be optimal in two-state environments, independently of the statistics of switching times. We obtain analytical insight into the limiting cases of very fast and very slow exploration rates by directly linking population growth to the features of the environment.