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...

This paper proposes a new method to identify gambler's fallacy (GF) and hot-hand fallacy (HHF). In the classical method, subjects are classified as exhibiting GF/HHF even they are just randomizing/indifferent between options. In our method, subjects play the game twice and we vary the payoff...