We model consumer choices for cannabis in a risky environment and determine the supply of cannabis under prohibition and legalization. While introducing a legal market reduces the profits of illegal providers, it increases cannabis consumption. We show that this trade-off can be overcome by...

In the United States, 115 people die each day due to overdose, and a third of overdoses involve the concurrent use of opioids and a class of sedatives called benzodiazepines. Facing a similar problem in 2012, Austria responded by installing public health ocers (PHOs) as third-party institutions...

The 'nanny state' has expanded in recent years. Politicians and bureaucrats have increasingly sought to restrict what individuals are permitted to do with their own bodies on their own property. Prohibitions is a corrective to the prevailing support for such authoritarianism. This collection...

At the onset of the financial crisis, the Indian regulator allowed banks to restructure loans without downgrading and providing for them. The special treatment to the infrastructure sector, plausibly driven by the political economy, and heterogeneity in bank exposure provide identification. Even...

The problems associated with the global drug trade are amongst the most challenging and intractable of all those facing policy-makers. The global drug prohibition system is widely acknowledged as a costly and counterproductive failure, not only presiding over a massive expansion of the problem...

We study the spillover effects of prescription drug monitoring programs (PDMPs) on crime, and in the process inform how policies that restrict access to Rx opioids per se within the healthcare system would impact broader non-health domains. In response to the substantial increase in opioid use...

In November 2016 the number of states where recreational marijuana sales are legal increased to eight. Thousands of cities and counties are now on the front lines of regulating these new land uses. Local governments in Colorado, the first state to implement recreational marijuana legalization,...