D espite a near continuous decline over the past 20 years, the teen birth rate in the United States continues to be 6 to 12 times that of other developed countries (Kearney and Levine 2012). Two types of economic arguments support the view that the high rate of teenage childbearing in the United States should be a focus of public policy. The first is based on the idea that teenagers are often not well-positioned to take care of children; as a result, teen childbearing disproportionately imposes costs on family, friends, communities, and public assistance programs. Unless teenagers fully internalize such costs when they make decisions, we would expect them to have children "too often" from a social welfare perspective. The second type of argument focuses on the costs that teenagers' choices impose on teens themselves. Although such arguments carry little weight where standard economic models of behavior can be applied, the extremely high rates of unintended pregnancies among sexually active teens-more than twice the rate of older women (Finer 2010)-suggest that homo economicus does not apply to teens making choices about sexual activities. It also suggests that policies aimed at reducing unintended pregnancies