Based on unique data on individual bank robberies perpetrated in Italy between 2005 and 2007, this paper estimates the distribution of criminals' disutility of jail. The identification rests on the money versus risk trade-off criminals face when deciding whether to stay an additional minute...

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...