A Note on the Interpretation of the Rational Addiction Model
AbstractThe Rational Addiction Model of Becker and Murphy (1988) has become a standard tool in the analysis of the demand for drugs, cigarettes, alcohol and other potentially addictive goods. In this paper, we shall argue that the success of the model has been more apparent than real, and that its empirical implementation must be carefully reconsidered.
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Bibliographic InfoPaper provided by University of Guelph, Department of Economics in its series Working Papers with number 1996-1.
Length: 23 pages
Date of creation: 1996
Date of revision:
ECONOMIC MODELS; CONSUMPTION;
Find related papers by JEL classification:
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
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