Khwaja, Ahmed; Sloan, Frank; Wang, Yang - In: Journal of Law and Economics 52 (2009) 1, pp. 171-196
One reason why individuals consume harmful addictive goods is that the "full" price of such goods is low. Using data on adults specifically collected for this study, we examine the internal cost of one such good by estimating the value that smokers and nonsmokers place on loss of health and...
