Dead Man Walking: An Empirical Reassessment of the Deterrent Effect of Capital Punishment Using the Bounds Testing Approach to Cointegration

Posted: 11 Jun 2012  

Paresh K. Narayan

Deakin University - Faculty of Business and Law

Russell Smyth

Monash University - Department of Economics

Date Written: June 11, 2012

Abstract

This paper empirically estimates a murder supply equation for the United States from 1965 to 2001 within a cointegration and error correction framework. Our findings suggest that any support for the deterrence hypothesis is sensitive to the inclusion of variables for the effects of guns and other crimes. In the long run we find that real income and the conditional probability of receiving the death sentence are the main factors explaining variations in the homicide rate. In the short run the aggravated assault rate and robbery rate are the most important determinants of the homicide rate.

Suggested Citation

Narayan, Paresh K. and Smyth, Russell, Dead Man Walking: An Empirical Reassessment of the Deterrent Effect of Capital Punishment Using the Bounds Testing Approach to Cointegration (June 11, 2012). Applied Economics, Vol. 38(17), No. 1975-1989, 2006. Available at SSRN: https://ssrn.com/abstract=2081234

Paresh K. Narayan (Contact Author)

Deakin University - Faculty of Business and Law ( email )

221 Burwood Highway
Burwood
Victoria
Australia
+61 3 924 46180 (Phone)

Russell Smyth

Monash University - Department of Economics ( email )

Wellington Road
Clayton, Victoria 3
Australia

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