Whenever goods and services are supplied at a price that lies below the market‐clearing level, excess demand occurs and some way has to be found of rationing the limited available supply amongst prospective customers. Problems of this kind may occur in any market in which price does not...

Reconviction rates for offenders are high despite sentence severity increasing with the number of convictions. The standard one-shot model of crime provides little scope for exploring ‘persistence effects’, although recent papers by Emons and others have sought to put offending decisions...