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Life Cycle Consumption of a Harmful and Addictive Good

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  • Goldbaum, David

Abstract

This article demonstrates that the endogenous desire to quit smoking can result from a rational consumption path chosen at the time the consumer begins smoking. This result is obtained without relying on hidden costs or unknown preferences. A finite-lived agent chooses a path of consumption of a harmful and addictive good to maximize present discounted utility. The consumer chooses his consumption rate to account for the future health consequence of smoking and the withdrawal costs of quitting. A consumer may choose to smoke even if it means a lowered utility level for the majority of the time spent smoking. Copyright 2000 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 38 (2000)
Issue (Month): 3 (July)
Pages: 458-69

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Handle: RePEc:oup:ecinqu:v:38:y:2000:i:3:p:458-69

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Cited by:
  1. Sophie Massin, 2011. "La notion d'addiction en économie : La théorie du choix rationnel à l'épreuve," Revue d'économie politique, Dalloz, vol. 121(5), pages 713-750.
  2. repec:hal:journl:halshs-00331284 is not listed on IDEAS
  3. O’Donoghue, Ted & Rabin, Matthew, 2002. "Addiction and Present-Biased Preferences," Department of Economics, Working Paper Series qt3v86x53j, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  4. Nuria Badenes-Plá & Andrew M. Jones, 2003. "Addictive goods and taxes: A survey from an economic perspective," Hacienda Pública Española, IEF, vol. 167(4), pages 123-153, December.
  5. Junmin Wan, 2004. "Consumption of Cigarettes, Nicotine, and Tar under Anti-smoking Policies: Japan as a Case Study," Discussion Papers in Economics and Business 04-12-Rev, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP), revised Mar 2006.
  6. Steven M. Suranovic, 2005. "An Economic Model of Youth Smoking: Tax and Welfare Effects," HEW 0511003, EconWPA.
  7. Grignon, Michel, 2009. "An empirical investigation of heterogeneity in time preferences and smoking behaviors," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(5), pages 739-751, October.
  8. Carbone, Jared C. & Kverndokk, Snorre & Rogeberg, Ole Jorgen, 2005. "Smoking, health, risk, and perception," Journal of Health Economics, Elsevier, vol. 24(4), pages 631-653, July.
  9. Carbone, Jared & Kverndokk, Snorre & Røgeberg, Ole-Jørgen, 2009. "Smoking and Health Investments: Impacts of Health Adaptation and Damage Reversibility," HERO On line Working Paper Series 2003:12, Oslo University, Health Economics Research Programme.
  10. Robert Goldfarb & Thomas Leonard & Steven Suranovic, 2001. "Are rival theories of smoking underdetermined?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(2), pages 229-251.
  11. Gabriel Picone & Frank Sloan, 2003. "Smoking Cessation and Lifestyle Changes," NBER Chapters, in: Frontiers in Health Policy Research, Volume 6, pages 115-142 National Bureau of Economic Research, Inc.

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