Classical deterrence theory has long held that the threat of a mild punishment imposed reliably and immediately has a much greater deterrent effect than the threat of a severe punishment that is delayed and uncertain. Recent work in behavioral economics has helped to explain this phenomenon: people are more sensitive to the immediate than the slightly deferred future and focus more on how likely an outcome is than how bad it is.
“If you can get people to behave by threatening them credibly, you’ll need less actual punishment than if you let them run wild and punish only occasionally,” says Mark A. R. Kleiman.
Read the full article in the New York Times Magazine here. It's a fascinating read.
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