The Effect of Drug Prohibition on Drug Prices: Evidence from the Markets for Cocaine and Heroin

NBER WORKING PAPER SERIES

THE EFFECT OF DRUG PROHIBITION ON DRUG PRICES: EVIDENCE FROM THE MARKETS FOR COCAINE AND HEROIN

Jeffrey A. Miron

Working Paper 9689 http://www.nber.org/papers/w9689

NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2003

I am grateful to the Earhart Foundation for financial support and to Angela Dills for research assistance. I thank Elena Alvarez, Ernie Berndt, Shane Hunt, Mark Kleiman, Aviv Nevo, Ricardo Rocha, Fiona Scott- Morton, Richard Spady, Juan Tecco, Norbert Telmon, and Francisco Thoumi for help in finding and understanding data, Carolyn Travers and Robert Janice of the DEA for help in obtaining and understanding the STRIDE data, and William Rhodes and Patrick Johnston for additional help with these data. I have received useful comments from smeinar participants at Boston University, Chicago, Clark, Dartmouth, Princeton, University of Illinois (Chicago), UCSD, and the MIT-Harvard IO workshop. Jonathan Baker, Jeanette Covington, Barry Crane, Jon Caulkins, David Friedman, Milton Friedman, Simon Gilchrist, Mark Kleiman, John Leahy, Steve Levitt, Rob MacCoun, Casey Mulligan, Sam Peltzman, Jim Poterba, Eric Rasmussen, Bob Rosenthal, Peter Reuter, Sherwin Rosen, Bruce Sacerdote, James Wilson and two anonymous referees provided useful comments or discussions. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research.

©2003 by Jeffrey A. Miron. All rights reserved. Short sections of text not to exceed two paragraphs, may be quoted without explicit permission provided that full credit including ©notice, is given to the source. The Effect of Drug Prohibition on Drug Prices: Evidence from the Markets for Cocaine and Heroin Jeffrey A. Miron NBER Working Paper No. 9689 May 2003 JEL No.H11, H29, K42, L51, L65, L66

ABSTRACT

This paper examines the effect of drug prohibition on the black market prices of cocaine and heroin. The paper examines the ratio of retail to farmgate price for cocaine, heroin, and several legal goods, and it compares legal versus black market prices for cocaine and heroin. The results suggest that cocaine and heroin are substantially more expensive than they would be in a legalized market, but to a lesser degree than suggested in previous research.

Jeffrey A. Miron Department of Economics Boston University Boston, MA 02215 and NBER [email protected] d ytBIZ{$Bt qY &{ BP IZ }BY$A$$Bt Bt IZ }${R $R st $8}Bst }ss8 $t Y

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