This study investigates whether models of forward-looking behavior explain the observed patterns of heavy drinking and smoking of men in late middle age in the Health and Retirement Study better than myopic models. We develop and estimate a sequence of nested models which differ by their degree...

We study the decentralization of liquor policies in the Post-Prohibition Era, which is the most famous natural experiment ever conducted with respect to policy decentralization in the U.S. Our empirical analysis exploits a unique feature of this policy change, namely that we observe votes of...

This study investigates whether models of forward-looking behavior explain the observed patterns of heavy drinking and smoking of men in late middle age in the Health and Retirement Study better than myopic models. We develop and estimate a sequence of nested models which differ by their degree...