Cooperation is essential for success in society. Research consistently showed that adolescents are less cooperative than adults, which is often attributed to underdeveloped mentalizing that limits their expectations of others. However, the internal computations underlying this reduced cooperation remain largely unexplored. This study compared cooperation between adolescents and adults using a repeated Prisoner's Dilemma Game. Adolescents cooperated less than adults, particularly after their partner's cooperation. Computational modeling revealed that adults increased their intrinsic reward for reciprocating when their partner continued cooperating, a pattern absent in adolescents. Both computational modeling and self-reported ratings showed that adolescents did not differ from adults in building expectations of their partner's cooperation. Therefore, the reduced cooperation appears driven by a lower intrinsic reward for reciprocity, reflecting a stronger motive to prioritize self-interest, rather than a deficiency in mentalizing or social learning. These findings provide insights into the developmental trajectory of cooperation from adolescence to adulthood.