Private Military and Security Companies (PMSCs) have increasingly received attention from International Relations scholars. While most of the research has thus far been conducted with the aim to define the actor, assess the consequences of the services they perform for states’ monopoly over...

This paper analyzes private precautions against crime when the value of the property to be protected is private information. Within a framework in which potential criminals can choose between various crime opportunities, we establish that decentralized decision-making by potential victims may...