A Note on the Interpretation of the Rational Addiction Model
The 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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|Date of creation:||1996|
|Date of revision:|
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