This is actually one of the courses I am taking this summer, Juvenile Justice. The short answer is the popular view is that juveniles are able to form the requisite mental intent to commit the crime, but they do not understand the severity of it. The 14 year old has only been through 7th grade and doesn't understand how society works, although he thinks he does.
Additionally, juveniles have a greater chance of rehabilitative behavior. That's why you see punishments like community service and probation. A soapbox example: God knew how young and impressionable a certain 14 year old would be...
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