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| Author: | Cook, P. J. (et al.) |
| Title: | Underground gun markets |
| Journal: | Economic Journal
2007 : NOV, VOL. 117:524, p. 588-618 |
| Index terms: | informal economy information interviewing statistical methods surveys transaction costs USA |
| Language: | eng |
| Abstract: | This paper provides an economic analysis of underground gun markets. Based on interviews with gang members, gun dealers, prostitutes, police, teenagers etc. and government surveys of arrestees in 22 cities together with administrative data for homicides, robberies etc., the analysis suggests that transaction costs are substantial especially in Chicago, and also in other cities to some extent. This is probably due to the fact that underground gun market is illegal and 'thin' which increases the search costs for market participants and causes market thickness effect on transaction costs. |
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