Evo, Pablo, Tony, Diego, and Sonny - general equilibrium analysis of the illegal drugs market, Vol. 1 of 1

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Evo, Pablo, Tony, Diego, and Sonny - general equilibrium analysis of the illegal drugs market

Author:	Chumacero, Romulo A.;	Collection Title:	Policy Research working paper ; no. WPS 4565
Country:	World;	Date Stored:	2008/04/02
Document Date:	2008/03/01	Document Type:	Policy Research Working Paper
Language:	English	Region:	The World Region
Report Number:	WPS4565	SubTopics:	Economic Theory & Research; Markets and Market Access; Currencies and Exchange Rates; Debt Markets; Consumption
Volume No:	1 of 1

Summary: This paper presents a general equilibrium model for the production, trafficking, and consumption of illegal drugs which endogenously determines relative prices and quantities. The model is calibrated to characterize the market for cocaine and is used to analyze the effects of three types of policies: making the illegal activities riskier, increasing the penalties for conducting illegal activities, and legalizing previously illegal activities. Assessing the effects of these policies using the powerful tool of a general equilibrium model provides illuminating (and in cases surprising) results.


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