Chapter

The Cost of Avoiding Crime: The Case of Bogotá

Alejandro Gaviria, Carlos Medina, Leonardo Morales and Jairo Núñez

in The Economics of Crime

Published by University of Chicago Press

Published in print September 2010 | ISBN: 9780226153742
Published online February 2013 | e-ISBN: 9780226153766 | DOI: http://dx.doi.org/10.7208/chicago/9780226153766.003.0004
The Cost of Avoiding Crime: The Case of Bogotá

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This chapter tackles the difficult problem of estimating the full cost of crime, given that these costs typically exceed the value of the lost property, researchers have developed general measures that are typically of two types, that is, either a global measure that is based on an evaluation of well-being or a measure that uses prices that incorporate all the available information. This chapter uses the second approach of a measure that uses prices that incorporate all the available information. This approach is based on hedonic price models, where disamenities like crime are built into real estate market prices. This chapter exploits the fact that households in the city of Bogotá are willing to pay considerable amounts to avoid violent crime.

Keywords: crime; costs; lost property; global measure; prices; hedonic price models; market prices; real estate; Bogotá

Chapter.  13447 words.  Illustrated.

Subjects: Economic Development and Growth

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