Guide: How to cite a Email in Springer LNCS style
Cite A Email in Springer LNCS style
Use the following template to cite a email using the Springer LNCS citation style. For help with other source types, like books, PDFs, or websites, check out our other guides. To have your reference list or bibliography automatically made for you, try our free citation generator.
Key:Pink text = information that you will need to find from the source.
Black text = text required by the Springer LNCS style.
Place this part in your bibliography or reference list at the end of your assignment.
1.Author Surname, A.: Title, (Year Published).
1.Pacula, R. et al.: Risks and Prices: The Role of User Sanctions in Marijuana Markets. The B.E. Journal of Economic Analysis & Policy. 10, 1, (2010).
Place this part right after the quote or reference to the source in your assignment.
This paper finds that variations in policies associated with user risk are associated with variations in self-reported marijuana prices per gram. Results exploiting cross-sectional variation in possession penalties suggest that states with lower penalties have higher prices due to increased demand that more than offsets the effect on price of any increase in supply. This provides new evidence that user sanctions can influence demand. Given the variation examined is purely cross-sectional, the direction of causality is not entirely certain. Thus, we also examine state medical marijuana laws and using within state temporal variation in the adoption of active medical marijuana policies, we find evidence that policies aimed at users do in fact lead to changes in prices in a fashion that is consistent with anticipated shifts in demand. Robustness checks that examine changes in alcohol consumption proxied through measures of alcohol outlet density support the conclusion that supply is upward sloping in these markets. There are a number of plausible explanations for an upward sloping supply curve for marijuana even in the long run. As has been published elsewhere (Kleiman, 1989; Reuter and Kleiman, 1986), a substantial fraction of the monetary price of marijuana represents the economic value of risk associated with engaging in an illicit market. Although it is frequently presumed in other areas of economics that producers are risk-neutral, such a notion is inconsistent with empirical evidence showing that marijuana sellers receive large compensation for incurring risk in bringing the drug to market. A more plausible assumption is that producers of marijuana are not risk-neutral.22 If we further presume that the population of potential suppliers to the market has heterogeneous risk preferences, it is easy to identify a potential barrier to entry into this market - the risk premium. If the current monetary compensation for incurring risk is relatively low, then some potential suppliers may choose to stay out of the market. Only by increasing the risk premium (and hence monetary price of supplying the good) will new suppliers decide to enter the market. An upward sloping supply curve could also exist if input prices rise with increases in output. Although in legal markets rising input prices are relatively less common for agricultural products, the illicit nature of the marijuana market means that suppliers need to compensate field workers for the risk they incur participating in the production of an illegal good. If individuals who make up the potential pool of laborers have heterogeneous preferences in risk, then it is possible that input costs could rise with the level of production as those with the lower risk preference will have to be paid a higher premium to be enticed to work in this market versus a legal market. The extent to which heterogeneous risk preferences among potential laborers could influence the cost of production depends on the distribution of high and low risk preferences in the population of workers and the relative tax imposed on legitimate wages. There are a number of important caveats that need to be considered when interpreting these results. First, the data that are employed in this study are drawn from a convenience sample of heavy and/or regular users who are frequently engaged in the marijuana market. We do not know to what extent purchases described here are representative of the full population of purchases made in the market. Furthermore, we only observe purchases over a small window of time (16 quarters over the course of 4 years). However, these ADAM data do represent a very good source of information on marijuana prices in the U.S., as it is clear that arrestees are frequent users who engage regularly in the market (Caulkins and Pacula, 2006). A second and perhaps more important limitation of the study is the lack of information on the quality of marijuana. The omission of information on potency is clearly important because it is possible that several transaction-specific characteristics that we interpret as indicative of risk are also highly correlated with quality. To the extent that certain transaction patterns are correlated with the quality of marijuana, then there may be some bias in interpreting the transaction coefficients as measuring differences in risk. However, unless the quality of marijuana is systematically correlated with state-level policies, it is not clear how the omission of potency from this analysis could potentially bias the findings regarding the effect of state policies. While the finding of an upward sloping supply curve in marijuana markets may not be surprising, it does have important implications for thinking about the current state and federal debates about decriminalization. First, it suggests that price increases may offset some of the consumption effects of reducing the legal risk to users on demand. This helps us better understand the variable results obtained in the literature examining the effects of this policy in the United States. It also clearly demonstrates that consumption does in fact respond to a change in the legal status, so much so that price rises because of it. Second, it suggests that lowering legal risks for users are associated with higher marijuana prices, which ceteris parabis, implies higher profits for drug dealers in the short-run (and possibly the long run if the long run supply curve is also upward sloping). Evaluating the welfare and moral implications of increasing profits for dealers is beyond the scope of this paper, but it is important to note that the increase in profits could lead to a rise in the number of dealers in the long run if barriers to entry, such as heterogeneous risk preferences across sellers, do not exist. 
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