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We argue that the key impediment to accurate measurement of the effect of police on crime is not necessarily simultaneity bias, but bias due to mismeasurement of police. Using a new panel data set on crime in medium to large U.S. cities over 1960- 2010, we obtain measurement error corrected estimates of the police elasticity of the cost-weighted sum of crimes of roughly -0.5. The estimates confirm a controversial finding from the previous literature that police reduce violent crime more so than property crime.
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Criminal justice expenditures have more than doubled since the 1980s, dramatically increasing costs to the public. With state and local revenue shortfalls resulting from the recent recession, the question of whether crime control can be accomplished either with fewer resources or by investing those resources in areas other than the criminal justice system is all the more relevant. Controlling Crime considers alternative ways to reduce crime that do not sacrifice public safety. Among the topics considered here are criminal justice system reform, social policy, and government policies affecting alcohol abuse, drugs, and private crime prevention. Particular attention is paid to the respective roles of both the private sector and government agencies. Through a broad conceptual framework and a careful review of the relevant literature, this volume provides insight into the important trends and patterns of some of the interventions that may be effective in reducing crime.
Crime prevention --- Crime --- Prevention of crime --- Public safety --- Economic aspects --- Cost control --- Prevention --- Government policy --- crime, criminals, justice, injustice, law enforcement, strategy, legal issues, expenses, money, monetary, finance, financial, economy, economics, resources, criminal, safety, public, social, policy, reform, systemic, government, policies, drugs, prevention, agencies, congress, essay collection, prison, anthology, institutional, fines, regulation, poverty.
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Using over eight trillion observations of market data, we use a regression discontinuity design to analyze the effect of increasing the minimum price variation (MPV) for quoting equity securities in light of recent proposals to increase the MPV from $0.01 to $0.05. We show that a larger MPV encourages investors to trade in dark venues at the midpoint of the national best bid and offer. Enhanced order flow to dark venues reduces price competition by exchange liquidity providers, especially those using high frequency trading (HFT). Trading in dark venues due to a wider MPV reduces volatility and increases trading volume.
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