This study was prepared by Nadine Fabritz while she was working at the Ifo Institute for Economic Research in the Department for Human Capital and Innovation. It was completed in June 2014 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in October...

Despite federal law, twelve American states and Washington D.C. have legalized recreational marijuana since 2012. Using a national housing data set from the online real estate listing database Zillow.com, we identify the cross and inter-state effects of marijuana legalization on house prices in...