We propose a simple theoretical model of supervised learning that is potentially useful to interpret a number of empirical phenomena. The model captures a basic tradeoff between sheltering the child from the consequences of his mistakes, and allowing him to learn from experience. We characterize the optimal parenting policy and its comparative-statics properties. We then show that key features of the optimal policy can be useful to interpret provocative findings from behavioral genetics.
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Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number
1432.
Length: Date of creation: Nov 2006 Date of revision: Handle: RePEc:nwu:cmsems:1432
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Markus K. Brunnermeier & Jonathan A. Parker, 2004.
"Optimal Expectations,"
NBER Working Papers
10707, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Markus K. Brunnermeier & Jonathan A. Parker, 2002.
"Optimal Expectations,"
Working Papers
146, Princeton University, Woodrow Wilson School of Public and International Affairs, Discussion Papers in Economics..
[Downloadable!]
Markus K. Brunnermeier & Jonathan A. Parker, 2005.
"Optimal Expectations,"
American Economic Review,
American Economic Association, vol. 95(4), pages 1092-1118, September.
[Downloadable!]
Olivier Compte & Andrew Postlewaite, 2003.
"Confidence-Enhanced Performance,"
PIER Working Paper Archive
03-009, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
[Downloadable!]
Other versions:
Olivier Compte & Andrew Postlewaite, 2001.
"Confidence-Enhanced Performance,"
PIER Working Paper Archive
04-023, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 May 2003.
[Downloadable!]
Jose Apestgeguia & Steffen Huck & Jörg Oechssler, 2005.
"Imitation - Theory and Experimental Evidence,"
Discussion Papers
54, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
[Downloadable!]
Itzhak Gilboa & David Schmeidler, 1992.
"Case-Based Decision Theory,"
Discussion Papers
994, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
[Downloadable!]
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