Nonrational Behavior
The assumption that people act rationally (i.e., maximize their expected utility) represents a core pillar of economic thought and most economists would not approve of dismissing the rationality assumption altogether, not least because doing so would open the way to paternalism in a broad range of areas.
However, children and adolescents tend not to take the future consequences of their choices into account, irrespective of whether they are informed of them. They act myopically (in the sense of mpatiently) and, hence, nonrationally.
Their choices may well conflict with their long-term best interests. This provides—in principle—a justification for government intervention: to prevent them from harming themselves when they do not fully appreciate the consequences. Here are privately borne costs that are relevant to public policy. On this justification, governments in many (mainly high-income) countries have banned the sale of cigarettes and alcohol to minors to prevent their harm.
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