Recent studies introduce the notion of treating autobiographical memories of past pleasurable experiences as assets and expanding the discounted utility model to include the utility of memories of past consumption. Recent studies in psychology have found that involuntary autobiographical...

We model deterrence with costly punishment when criminals have different abilities. Abilities are unobserved by both criminals and the courts. Based on past successes, criminals update their priors on being high-ability criminals. Courts cannot observe a criminal’s total past offenses. They do...