Crime and Punishment: Further Results
Universitat Pompeu Fabra Economics WP No. 344
10 Pages Posted: 27 Jan 1999
Date Written: November 1998
I consider a general specification of criminals' objective function and argue that, when the general non-expected utility theory is substituted for the traditional expected utility theory, the high-fine-low-probability result (Becker, 1968) only holds under specific and strong restrictions.
JEL Classification: D8, K4
Suggested Citation: Suggested Citation