... the probability that an offense would be cleared with the punishment f,then I —pis the probability of no punishment. The expected punishment would be= pf.thevariance= p(l—p)ft,and the ... AND PUNISHMENT: AN ECONOMIC APPROACHO3(p3, f,, U3),(12)whereisthe number of offenses he would commit during a particu1arperiod, p3 his probability of conviction per offense, f,his punishment ... conviction than by the punishment when convictedturns out to imply in the expected-utility approach that offenders are riskpreferrers, at least in the relevant region of punishments.The total...