Victimisation, wellbeing and compensation: using panel data to estimate the costs of violent crime

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Abstract

The costs of violent crime victimisation are often left to a tribunal, judge or jury to determine, which can lead to considerable subjectivity and variation. Using panel data, this article provides compensation estimates that help reduce the subjectivity of awards by providing a benchmark for the compensation required to offset direct and intangible costs. Individual-area fixed-effects models of well-being that allow for adaptation and the endogeneity of income suggest that, on average, A$88,000 is required to compensate a violent crime victim, with the amount being greater for females (A$102,000) than males (A$79,000).

Original languageEnglish
Pages (from-to)1545-1569
Number of pages25
JournalThe Economic Journal
Volume128
Issue number611
DOIs
Publication statusPublished - Jun 2018

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