through age of drinking initiation, per se; instead, we hypothesize that the long term effects of MLDA exposure may work through the frequency and intensity of drinking or the social networks and social norms around drinking that develop in late adolescence. Estimates of the costs and benefits of alcohol control policies should consider long-term as well as short-term consequences of such policies. A better understanding of the mechanism linking MLDA exposures and later alcohol and substance use problems may also help to illuminate fundamental processes pertaining to adolescent development.