The number of prisoners incarcerated on drug-related offenses rose fifteen-fold between 1980 and 2000. This paper provides the first systematic empirical analysis of the implications of that dramatic shift in public policy. We show that the increase in drug prisoners led to reductions in...

In order to lengthen prison terms, many U.S. states have limited parole boards' traditional authority to grant early releases. I develop a framework in which the welfare effects of this reform depend on (1) the elasticity of future recidivism with respect to time in prison, (2) the accuracy of...