reduces both moderate and extreme violence. The reason is that a high penalty keeps relatively 'gutless' individuals from … relatively 'tough' individuals to commit moderately violent acts and so makes moderate violence more attractive for otherwise …

This paper develops a dynamic life-cycle equilibrium model of crime with hetero-geneous agents and human capital … accumulation. Agents decide at each point in time whether to commit crimes by comparing potential gains from crime to the expected … form estimates or traditional partial equilibrium, static models of crime. Equilibrium effects can be particularly relevant …

environment. Using geocoded crime data and a novel source of within-city spatial and temporal variation in punishment severity, I … consistent with police treating enforcement effort and punishment severity as complementary. I also find that citywide crime and …