A Note on the Interpretation of the Rational Addiction Model

Brian Ferguson

Working Papers from University of Guelph, Department of Economics and Finance

Abstract: The Rational Addiction Model of Becker and Murphy (1988) has become a standard tool in the analysis of the demand for drugs, cigarettes, alcohol and other potentially addictive goods. In this paper, we shall argue that the success of the model has been more apparent than real, and that its empirical implementation must be carefully reconsidered.

Keywords: ECONOMIC MODELS; CONSUMPTION (search for similar items in EconPapers)
JEL-codes: C52 E21 (search for similar items in EconPapers)
Pages: 23 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:gue:guelph:1996-1

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