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The Effect of Drug Prohibition on Drug Prices: Evidence from the Markets for Cocaine and Heroin

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  • Jeffrey A. Miron

    (Department of Economics, Boston University)

Abstract

This paper examines the effect of drug prohibition on the black market prices of cocaine and heroin. The paper examines the ratio of retail to farmgate price for cocaine, heroin, and several legal goods, and it compares legal versus black market prices for cocaine and heroin. The results suggest that cocaine and heroin are substantially more expensive than they would be in a legalized market, but to a lesser degree than suggested in previous research. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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File URL: http://www.mitpressjournals.org/doi/pdf/10.1162/003465303322369696
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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics and Statistics.

Volume (Year): 85 (2003)
Issue (Month): 3 (August)
Pages: 522-530

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Handle: RePEc:tpr:restat:v:85:y:2003:i:3:p:522-530

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Web page: http://mitpress.mit.edu/journals/

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Cited by:
  1. Kenneth W Clements & Yihui Lan & Xueyan Zhao, 2006. "The Demand for Vice: Inter-Commodity Interactions with Uncertainty," Economics Discussion / Working Papers 06-30, The University of Western Australia, Department of Economics.
  2. Kenneth W. Clements & Xueyan Zhao, 2005. "Economic Aspects of Marijuana," Economics Discussion / Working Papers 05-28, The University of Western Australia, Department of Economics.
  3. Dave, Dhaval, 2006. "The effects of cocaine and heroin price on drug-related emergency department visits," Journal of Health Economics, Elsevier, vol. 25(2), pages 311-333, March.
  4. Seo-Young Cho & Axel Dreher & Eric Neumayer, 2011. "Does Legalized Prostitution Increase Human Trafficking?," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 96, Courant Research Centre PEG, revised 16 Jan 2012.
  5. Slim, Sadri, 2009. "Du refus de vente au don: une explication de la formation du prix par l´affect
    [From rejection of exchange to gift: regard as an explanation of prices]    ," MPRA Paper 15317, University Library of Munich, Germany, revised 24 Apr 2009.
  6. Dave, Dhaval, 2008. "Illicit drug use among arrestees, prices and policy," Journal of Urban Economics, Elsevier, vol. 63(2), pages 694-714, March.
  7. Clements, Kenneth W., 2003. "Three Facts About Marijuana Prices," 2003 Conference (47th), February 12-14, 2003, Fremantle, Australia 57846, Australian Agricultural and Resource Economics Society.
  8. Jeremy Arkes & Rosalie Liccardo Pacula & Susan M. Paddock & Jonathan P. Caulkins & Peter Reuter, 2008. "Why the DEA STRIDE Data are Still Useful for Understanding Drug Markets," NBER Working Papers 14224, National Bureau of Economic Research, Inc.
  9. Gathmann, Christina, 2008. "Effects of enforcement on illegal markets: Evidence from migrant smuggling along the southwestern border," Journal of Public Economics, Elsevier, vol. 92(10-11), pages 1926-1941, October.
  10. Michael Grossman, 2004. "Individual Behaviors and Substance Use: The Role of Price," NBER Working Papers 10948, National Bureau of Economic Research, Inc.
  11. Gathmann, Christina, 2004. "The Effects of Enforcement on Illegal Markets: Evidence from Migrant Smuggling along the Southwestern Border," IZA Discussion Papers 1004, Institute for the Study of Labor (IZA).
  12. Carlos Dobkin & Nancy Nicosia, 2009. "The War on Drugs: Methamphetamine, Public Health, and Crime," American Economic Review, American Economic Association, vol. 99(1), pages 324-49, March.

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