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Why Repeated Criminal Opportunities Matter: A Dynamic Stochastic Analysis of Criminal Decision Making

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  • O'Flaherty, Brendan

Abstract

Decision makers who confront a long sequence of criminal opportunities act differently from those who confront a single opportunity. If the sequence is long enough, people will take big chances in return for very small gains, even if the probability of detection is very great and the scale of punishment very large. Risk-neutral people will appear to love risk. Patient people will appear to discount the future heavily. For long enough sequences of future opportunities, raising the probability of detection increases the amount of crime committed rather than lowering it. Constitutional safeguards are an important deterrent to crime. Copyright 1998 by Oxford University Press.

Suggested Citation

  • O'Flaherty, Brendan, 1998. "Why Repeated Criminal Opportunities Matter: A Dynamic Stochastic Analysis of Criminal Decision Making," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 14(2), pages 232-255, October.
    • Handle: RePEc:oup:jleorg:v:14:y:1998:i:2:p:232-55
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    Cited by:

    1. Nuno Garoupa, 2004. "Dynamic Law Enforcement with Learning," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 20(1), pages 192-206, April.
    2. Volker Meier, 2001. "On Prison and Therapy," European Journal of Law and Economics, Springer, vol. 12(1), pages 47-56, July.

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