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In the case of the tobacco companies, the transaction cost of purchasing cigarettes is the chance of contracting lung cancer, a grave externality

There are more than 5,000 chemical components found in cigarette smoke and hundreds of them are harmful to human health

Its even quicker in women who are pregnant or taking estrogen

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Complex structures allow them to shift profits and underpay corporate income tax, while opaque supply chains allow them to move billions of cigarettes untaxed

Of the four jurisdictions with scheduled CAB turbo prepayments so far, only one has made them, ProPublica found: Placer County, California, which has a relatively small, $14.3 million issue promising a $68 million payoff