Weeding out the dealers? The economics of cannabis legalization
研究大麻合法化对非法供应商利润和消费量的影响，发现结合制裁黑市与提升合法产品质量可控制消费增长并抑制黑市，但美国多数合法化州的合法价格高于驱逐经销商所需价格，导致黑市仍存。
We model consumer choices for recreational cannabis in a risky environment and its supply under prohibition and legalization. While legalization reduces the profits of illegal providers, it increases cannabis consumption. This trade-off can be overcome by combining legalization with sanctions against the black market, and improvements to the quality of legal products. Numerical calibrations highlight how a policy mix can control the increase in cannabis consumption and throttle the illegal market. In the US, the eviction prices we predict to drive dealers out of business are much lower than the prices of legal cannabis in most of the states that opted for legalization, leaving room for the black market to flourish. Analyzing the compatibility of several policy goals sheds light on the less favorable outcomes of recent legalization reforms and suggests a new way forward.