It is like a child giving me a shiny rock because they like the pie I made better. Am I not to blame because I understand the value of the diamond better than the child and use the information asymmetry to my advantage?
Your example only makes sense to you because you assume that the child could sell the diamond for enough money to buy the pie from you (or from someone else who has just as good of a pie) and have some left over. In the actual situation under discussion, there is no such option.
If that's not the case and you really would only part with the pie for that high of a price, and no other pie will do for the child, then what is there to complain about? How much do you think it costs to buy a pie made by, say, Gordon Ramsay? Feel free to replace with someone who is actually a good chef and not just a famous one if I made a poor choice.
The example was to show someone taking advantage of information asymmetry. You are now just arguing the analogy. Do you believe it is acceptable to take advantage of information asymmetry when getting goods or services from someone (including children)?
I don't believe it is acceptable for there to be information asymmetry in the first place. Arguing about what to do when it's there is about as fruitful as arguing about how hard you should be allowed to beat your slaves.
I don't see how one could prevent information asymmetry. With current technology, there is no way for a 10 year old to know all that a 30 year old knows.
To me it is like asking should we allow animals to kill each other. Not only can we not really stop it, even if we could it would kill any carnivores.
