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Evo, Pablo, Tony, Diego, and Sonny - general equilibrium analysis of the illegal drugs market

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  • Chumacero, Romulo A.

Abstract

This paper presents a general equilibrium model for the production,trafficking, and consumption of illegal drugs which endogenously determines relative prices and quantities. The model is calibrated to characterize the market for cocaine and is used to analyze the effects of three types of policies: making the illegal activities riskier, increasing the penalties for conducting illegal activities, and legalizing previously illegal activities. Assessing the effects of these policies using the powerful tool of a general equilibrium model provides illuminating (and in cases surprising) results.

Suggested Citation

  • Chumacero, Romulo A., 2008. "Evo, Pablo, Tony, Diego, and Sonny - general equilibrium analysis of the illegal drugs market," Policy Research Working Paper Series 4565, The World Bank.
  • Handle: RePEc:wbk:wbrwps:4565
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    Cited by:

    1. L. Leoncini & F. Rentocchini, 2010. "Counteracting cocaine production. An analysis based on a novel dataset," Working Papers 693, Dipartimento Scienze Economiche, Universita' di Bologna.

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    Keywords

    Economic Theory&Research; Debt Markets; Markets and Market Access; Consumption; Currencies and Exchange Rates;

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