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Two Short Papers on Marijuana, Legalisation and Drinking: (1) Exogeneous Shocks and Related Goods: Drinking and the Legalisation of Marijuana; and (2) Notes on Projections of Alcohol Consumption Following Marijuana Legalisation

  • Kenneth W. Clements

    ()

    (Department of Economics, The University of Western Australia)

  • Mert Daryal

    (Department of Economics, The University of Western Australia)

  • Yihui Lan

    ()

    (Department of Economics, The University of Western Australia)

(1) The paper uses the substitutability between goods to model the transmission to other products of a consumption shock to one product. The framework is used to analyse the impact on drinking of legalisation of marijuana. For all types of consumers for example, the results indicate that legalisation would led to approximately a 4-percent increase in marijuana consumption, while beer, wine and spirits consumption would fall by 1 percent, 2 percent and almost 4 percent, respectively. And; (2) Clements and Daryal (2005) develop a utility-maximising theory of how exogenous shocks to one market have implications for the consumption of related goods, and applied that theory to analyse the impacts on drinking of possible legalisation of marijuana. These notes set out the derivations of the standard errors of their projections.

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File URL: http://www.biz.uwa.edu.au/home/research/discussionworking_papers/economics/2005?f=148846
File Function: First version, 2005
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Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 05-14.

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Length: 22 pages
Date of creation: Feb 2005
Date of revision:
Handle: RePEc:uwa:wpaper:05-14
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