The Welfare Costs of Addiction
This paper presents an attempt to calculate the non-financial costs of tobacco addiction. Using data on individual well-being and smoking behaviour, it is shown that tobacco addicts are on average less happy than non-addicts even if the potential endogeneity of smoking is controlled for. This lends support to the notion of "unhappy addicts". It is estimated how much money income individual smokers must be given in order to be compensated for their reduction in well-being. Projections based on these figures suggest that the aggregate non-financial welfare costs of smoking might easily be higher than the aggregate financial costs.
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Volume (Year): 124 (2004)
Issue (Month): 3 ()
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