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Abstract
This paper examines the causal impact of state-level waiting periods for firearm purchases on firearm-related suicide rates. Using variation in waiting period policies across states, we find that these regulations lead to a modest but meaningful reduction in overall firearm suicides, amounting to an average decrease of 0.6 deaths per 100,000 people—an 8% decline, or roughly 2,000 lives saved annually. Notably, the effect is more pronounced among specific demographic groups. Waiting periods reduce firearm suicides by approximately 1.5 per 100,000 among men, 19.3 per 100,000 among individuals aged 55 and older, and 14.7 per 100,000 among White individuals. Our estimates suggest that these life-saving benefits could translate into as much as $37.9 billion in the value of lives preserved. Overall, this analysis provides robust causal evidence that waiting periods for firearm purchases can significantly mitigate suicide risk and generate substantial societal and economic benefits. As a result, policymakers may consider implementing or strengthening waiting period laws as a strategic measure to reduce firearm suicides and improve public health outcomes.