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American Law and Economics Review V5 N2 2003 (344-376)
© 2003 American Law and Economics Association

Article

Does Capital Punishment Have a Deterrent Effect? New Evidence from Postmoratorium Panel Data

Hashem Dezhbakhsh, Paul H. Rubin and Joanna M. Shepherd

Emory University
Clemson University and Emory University

Send correspondence to: Joanna M. Shepherd, John E. Walker Department of Economics, 222 Sirrine Hall, Box 341309, Clemson University, Clemson, SC 29634-1309; Fax: (864) 656-4192; E-mail: jshephe{at}clemson.edu.

Abstract

Evidence on the deterrent effect of capital punishment is important for many states that are currently reconsidering their position on the issue. We examine the deterrent hypothesis by using county-level, postmoratorium panel data and a system of simultaneous equations. The procedure we employ overcomes common aggregation problems, eliminates the bias arising from unobserved heterogeneity, and provides evidence relevant for current conditions. Our results suggest that capital punishment has a strong deterrent effect; each execution results, on average, in eighteen fewer murders—with a margin of error of plus or minus ten. Tests show that results are not driven by tougher sentencing laws and are robust to many alternative specifications.


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