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The cigar boom of the 1990s that seemed to leave pipes behind ultimately revealed their charms: an association with refinement and wisdom (see Sherlock Holmes, Albert Einstein, Gandalf)

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New York: Springer (2017)

Tradable smoking pollution permits One solution to the problem of smoking externalities favoured by some economists is a system of tradable smoking pollution permits, similar to other emissions trading (cap-and-trade) pollution permits systems used by the Environmental Protection Agency in recent decades to curb other types of pollution

Second, you have the loss of elasticity

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