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The thief’s wages: theft and human capital development

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Abstract

In this paper, a model is developed to investigate whether theft can be economically rational. It is shown that heterogeneity in capital accumulation rates (or ‘learning ability’) cannot create any noticeable difference in incentives to steal. Further heterogeneity in instantaneous opportunity cost is both too low and runs in the wrong direction to have any explanatory role. However, heterogeneity in discount rates in combination with differences in initial human capital can create an incentive for theft. The model is calibrated from the National Longitudinal Study of Youth 1997 with data from 1997 to 2011.

Suggested Citation

  • Geoffrey Williams, 2018. "The thief’s wages: theft and human capital development," Oxford Economic Papers, Oxford University Press, vol. 70(2), pages 443-467.
    • Handle: RePEc:oup:oxecpp:v:70:y:2018:i:2:p:443-467.
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    File URL: http://hdl.handle.net/10.1093/oep/gpx046
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    Cited by:

    1. Johannes Idsø & Torbjørn Årethun, 2018. "Crime Statistics: Modeling Theft in Favour of Victims’ Choices," Economies, MDPI, vol. 6(2), pages 1-14, April.

    More about this item

    JEL classification:

    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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