Miceli, Thomas - Department of Economics, University of Connecticut - 2009
The standard economic model of crime since Becker (1968) is primarily concerned with deterrence. Actual punishment … fixed, incapacitation can result in a longer or a shorter optimal prison term compared to the deterrence-only model. It is … constrained by offenders' wealth, the optimal prison term is zero. Since the fine achieves first-best deterrence, only efficient …