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Appendix C: Phase I Report Executive Summary
Pages 319-320

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From page 319...
... The study documents a significant effort to identify and model important elements of the market for cocaine. It represents a serious attempt to formally characterize the complex interaction of producers and users and the subtle process through which alternative cocaine control policies may affect consumption and prices.
From page 320...
... Numerous problems diminish the credibility of the cocaine price series developed in the study, and an absence of information prevents assessment of the procedure for selecting interdiction events. The conclusions drawn from these data rest on the assumption that all time-series deviations in cocaine price from an exponential decay path should be attributed to interdiction events, not to other forces acting on the market for cocaine.


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