We estimate the "incapacitation effect" on crime using variation in Italian prison population driven by eight collective pardons passed between 1962 and 1990. The prison releases are sudden (within one day), very large (up to 35 percent of the entire prison population), and happen nationwide....

Incarceration of criminals reduces crime through two main channels, deterrence and incapac- itation. Because of a simultaneity between crime and incarceration–arrested criminals increase the prison population–it is difficult to measure these effects. This paper estimates the incapaci- tation...

We estimate the "incapacitation effect" on crime using variation in Italian prison population driven by eight collective pardons passed between 1962 and 1995. The prison releases are sudden – within one day –, very large – up to 35 percent of the entire prison population – and happen...

We estimate the “incapacitation effect” on crime using variation in Italian prison population driven by eight collective pardons passed between 1962 and 1990. The prison releases are sudden, within one day, very large, up to 35 percent of the entire prison population and happen nationwide....

We estimate the "incapacitation effect" on crime using variation in Italian prison population driven by eight collective pardons passed between 1962 and 1995. The prison releases are sudden – within one day –, very large – up to 35 percent of the entire prison population – and happen...

We estimate the "incapacitation effect" on crime using variation in Italian prison population driven by eight collective pardons passed between 1962 and 1995. The prison releases are sudden - within one day -, very large - up to 35 percent of the entire prison population - and happen nationwide....

Stock-market crashes tend to follow run-ups in prices. These episodes look like bubbles that gradually inflate and then suddenly burst. We show that such bubbles can form in a Zeira-Rob type of model in which demand size is uncertain. Two conditions are sufficient for this to happen: A declining...

A model with new industries opening as a Poisson arrival is set up. Firms have the choice to "hop" into new industries searching for their abilities there. The model aims at linking endogenous skill prices (and the value of the firm), the product life cycle and the timing of the switch to the...