Probability of punishment seems to matter more than severity of punishment. This follows from economic and game theoretic models and is backed up by empirical

Probability of punishment seems to matter more than severity of punishment. This follows from economic and game theoretic models and is backed up by empirical studies. For example: https://www.academia.edu/download/55552845/the_economics_of_criminal_behaviours.pdf https://www.academia.edu/download/55552845/the_economics_of_...