Waiting to Execute: An Optimal Stopping Model of Capital Punishment Stays

The focus of this paper is on a specific component of the capital punishment debate: delays in capital punishment. Although the legal justifications for delays in capital punishment cases, such as the right of the writ of habeas corpus, are well known, the analysis of the economic costs and benefits...

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Bibliographic Details
Published in:Eastern economic journal 2004-04, Vol.30 (2), p.259-272
Main Authors: Chambers, Catherine M., Chambers, Paul E.
Format: Article
Language:English
Subjects:
Capital punishment
Cost benefit analysis
Costs
Deadlines
Death row inmates
Deterrence
Economic benefits
Economic models
Economic value
Expected values
Moratoriums
Present value
Public assistance programs
Punishment
Stays of execution
Studies
Utility functions
Valuation
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Summary:The focus of this paper is on a specific component of the capital punishment debate: delays in capital punishment. Although the legal justifications for delays in capital punishment cases, such as the right of the writ of habeas corpus, are well known, the analysis of the economic costs and benefits of delaying executions is limited. Fluctuations in the political consensus regarding capital punishment and resulting changes in the imposition of the death penalty in practice suggest that such costs and benefits are important to policymakers. The employment of option value theory is useful when considering the implementation of the death penalty because it involves an action that has uncertain net benefits and that is irreversible.
ISSN:0094-5056
1939-4632