Much of the damage caused by crime is intangible, presenting a problem for researchers and policy makers. How much damage does a crime really cause, and how much are we justified in spending to prevent it? Various approaches have been tried. The June 2008 issue of The Journal of Legal Studies (vol. 37, no. 2, part 2 of which just arrived last month despite the nominal date) has a novel approach by Mark A. Cohen, The Effect of Crime on Life Satisfaction, pp. S325-S353. This is a symposium issue on research on happiness.
Cohen compares changes in life satisfaction associated with changes in income with those associated with being the victim of a burglary. "I estimate the compensating income value for a household burglary to be $83,772 (ranging from $10,353 to $322,261 based on a 95 percent confidence interval)." This is a larger estimate than most previous ones, although the width of that confidence interval does not inspire much confidence. Still, the article is a valuable contribution toward impressing on policy makers that crime, even "property crime," causes more damage than is commonly appreciated, and preventing it deserves a higher place on the government's list of priorities.
Cohen compares changes in life satisfaction associated with changes in income with those associated with being the victim of a burglary. "I estimate the compensating income value for a household burglary to be $83,772 (ranging from $10,353 to $322,261 based on a 95 percent confidence interval)." This is a larger estimate than most previous ones, although the width of that confidence interval does not inspire much confidence. Still, the article is a valuable contribution toward impressing on policy makers that crime, even "property crime," causes more damage than is commonly appreciated, and preventing it deserves a higher place on the government's list of priorities.
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