College
Buchtel College of Arts and Sciences
Date of Last Revision
2023-05-04 20:46:05
Major
Economics
Honors Course
3250:497-004
Number of Credits
3
Degree Name
Bachelor of Arts
Date of Expected Graduation
Spring 2021
Abstract
This study aims to analyze the cost and benefits of legalizing recreational marijuana in Ohio by estimating the monetary value of major cost and benefit items caused by legal recreational marijuana being implementing in Ohio. Key areas that are used in the analysis to give an accurate picture of the costs and benefits of marijuana are the areas of: tax revenue, the labor market, the criminal justice system, public health and safety, and educational attainment. By focusing on changes experienced in other states that have legalized, a realistic estimation of what will happen in Ohio can be made.
Data shows that implementing legalized marijuana in Ohio will result in a positive social net benefit for the state. The estimated social net benefit that will be experienced by the state has a value of more than $444 million. The biggest benefits that the state will experience come from the tax revenue, jobs, and lower DUI arrest rates that will be created by legalization. The biggest cost to the state will come in the form of increased drug rehabilitation admittance and car insurance claims. The positive social net benefit derived from variables used in this analysis implies that it will be economically beneficial for Ohio to legalize recreational marijuana.
Research Sponsor
Ali Enami, Ph. D.
First Reader
Ali Enami, Ph. D.
Second Reader
Dinkar Kuchibhotla, Ph. D.
Honors Faculty Advisor
Ali Enami, Ph. D.
Recommended Citation
Polanski, Noah, "Recreational Marijuana in Ohio: A Cost Benefit Analysis" (2021). Williams Honors College, Honors Research Projects. 1409.
https://ideaexchange.uakron.edu/honors_research_projects/1409
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