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Working Paper
Punishment and Crime: The Impact of Felony Conviction on Criminal Activity
This paper uses increases in felony larceny thresholds as a negative shock to felony conviction probability to examine the impact of punishment severity on criminal behavior. In the theft value distribution between old and new larceny thresholds (“response region”), higher thresholds cause a 2 percent increase in the average larceny value within 120 days of enactment. However, within five years of enactment, response region average larceny values and rates decline 2 percentand 13 percent, respectively, in low-wage areas. Thus, under certain market conditions, smaller expected penalties ...
Working Paper
Eggs in One Basket: Security and Convenience of Digital Currencies
Digital currencies store balances in anonymous electronic addresses. We analyze the trade-offs between safety and convenience of aggregating balances in addresses, electronic wallets and banks. In our model agents balance the risk of theft of a large account with the cost to safeguarding a large number of passwords of many small accounts. Account custodians (banks, wallets and other payment service providers) have different objectives and tradeoffs on these dimensions; we analyze the welfare effects of differing industry structures and interdependencies, and in particular the consequences ...
Report
The Impact of Felony Larceny Thresholds on Crime in New England
Criminal justice reform has been a high-priority policy area in New England and the nation in recent years. States are generally seeking legislation that would help reintegrate ex-offenders into society while still prioritizing the welfare of all members of the public and the achievement of fiscal goals. The research findings presented in this report indicate that raising felony larceny thresholds—that is, increasing the dollar value of stolen property at or above which a larceny offense may be charged in court as a felony rather than a misdemeanor, a policy adopted by three New England ...