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observable and unobservable private precautions against crime. An analysis of welfare implications determines that a setting in …
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This paper analyzes private precautions against crime when the value of the property to be protected is private … information. Within a framework in which potential criminals can choose between various crime opportunities, we establish that …
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surplus of harmful acts. As a consequence, the probability of apprehension and punishment is usually reduced leading to more … asymmetry of information between government and enforcers and the crime rate …
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