The great risk thermostat

It turns out they estimate the costs of drinking and drug-taking pretty accurately, they simply see the benefits as higher than older people do.  If anything the teenagers see the risky activity as riskier than it really is.

That's Tyler Cowen, referring to "Teenage risks and how to avoid them" in the NYT. This certainly fits with my intuition, and as a subjectivist and opportunity-cost theorist it's important to stress the lost utility that arises from young people overestimating the dangers of drink and drugs. I took a pretty detailed diary during my undergraduate days, and most of the actions I took that I regret occurred when I was sober.

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