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Determinants of drug prices
Lazarenkov, Oleg ; Vacek, Vladislav (advisor) ; Hoffman, Andrej (referee)
The aim of this dissertation is to gain practical and theoretical knowledge of the drug market, examine how this market functions and conduct an analysis of illegal drug prices and their determinants in the U.S. This study highlights the drug market's unique properties and discusses how it functions in the initial stage of its formation, as well as how it responds to external interventions. Both qualitative and quantitative methods are employed in this study. The most important price determinants of selected narcotic substances on the American market are analyzed in order to demonstrate that this market does not always act in accordance with economic principles due to the elasticity and uniqueness of this product. The findings are supported by an original econometric model which includes all of the most important factors from the period 1989 through 2011.

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