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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 cost of punishment (determined from the probability...
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social welfare. We assume a Cournot model with homogeneous goods, linear demand, and constant marginal costs, to show that a … merger can raise consumer surplus while harming social welfare. Within this framework, we show that such an outcome depends …
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