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#145 – Matthew Johnson: Psychedelics
Lex Fridman Podcast
Is There a Data on the Setting of Prices in Illegal Drugs?
Is there data on the setting of prices or how good are the business people running the selling of drugs that are illegal? Are they all the same kind of rules apply from a behavior economics perspective? I think so. They're basically sensitive to that demand curve and they're doing the same thing that businesses do in an illegal market. And, you know, you want to sell as much of a product to get as much money. You're looking more at the total income. So if you jack the price a little bit, you're going to get some reduction in consumption but it may be that the total amount of money that you rake in is going to be more than it's going to over
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