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From page 1...
... The study establishes an important point of departure for the development of richer models of the market for cocaine and for empirical research applying such models to evaluate alternative policies. However, the RAND study does not yield usable empirical findings on the relative cost-effectiveness of alternative policies in reducing co
From page 2...
... 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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