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Participation in Illegitimate Activities: A Theoretical and Empirical Investigation
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In this paper, a theory of participation in illegitimate activities is developed and tested against data on variations in index crimes across states in the United States and behavioral implications are derived using the state preference approach to behavior under uncertainty.Abstract:
A theory of participation in illegitimate activities is developed and tested against data on variations in index crimes across states in the United States. Theorems and behavioral implications are derived using the state preference approach to behavior under uncertainty. The investigation deals directly with the interaction between offense and defense: crime and collective law enforcement. It indicates the existence of a deterrent effect of law-enforcement activity on all crimes and a strong positive correlation between income inequality and crimes against property. The empirical results also provide some tentative estimates of the effectiveness of law enforcement in reducing crime and the resulting social losses.read more
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Uri Gneezy,Aldo Rustichini +1 more
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References
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An Efficient Method of Estimating Seemingly Unrelated Regressions and Tests for Aggregation Bias
TL;DR: In this paper, a method of estimating the parameters of a set of regression equations is reported which involves application of Aitken's generalized least-squares to the whole system of equations.
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Market Insurance, Self-Insurance, and Self-Protection
TL;DR: In this paper, the authors developed a theory of demand for insurance that emphasizes the interaction between market insurance, self-insurance, and self-protection, and analyzed the effects of changes in prices, income, and other variables on the demand for these alternative forms of insurance.
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Multiperiod Consumption-Investment Decisions
TL;DR: P Phelps, Nils Hakansson, and Jan Mossin this paper reviewed uncertainty models of the multi-period consumption-investment problem, and presented a more general multperiod consumption investment model that leads to interesting hypotheses about observable aspects of consumer behavior.
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Estimation of regression relationships containing unobservable independent variables
TL;DR: In this paper, the authors apply a least square approach to generate an estimator which, with a normality assumption, is a maximum likelihood estimator, and the relationship of this estimator to certain instrumental variable estimators is set forth.
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The theory of legislation
Jeremy Bentham,C. K. Ogden +1 more
TL;DR: In this paper, the authors present in facsimile "The Theory of Legislation" by the English utilitarian legal philosopher Jeremy Bentham (1748 1832), originally edited by tienne Dumont (1802) and later translated by Richard Hildreth (1840).