Becker and murphys rational addicts model

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Reference no: EM131190402

In Becker and Murphy's "rational addicts" model, smokers are perfectly aware of the potential for smoking to cause addiction, and they take this into account when deciding whether or not to smoke.

Suppose that a new technology-such as a nicotine patch-is invented that makes quitting smoking much easier (less costly) for an addict.

If Becker and Murphy's model is correct, what effects would you expect this invention to have on people's smoking behavior? Would your answer be different for young people than for older people?

Reference no: EM131190402

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