Abstract
This chapter discusses the utilitarian or cost-benefit models of optimum policy towards punishment and discusses the formulation of Becker. These models seem to give an obvious use for the estimates of the effects of the likelihood and severity of punishment on the offence rate. The conclusion from the examination of these models has been that they fail to explain punishment levels as one sees them as they fail to meet the simple question of why punishment levels are not raised if the consequence would be fewer offences. The chapter discusses possible economic modifications to these models in an attempt to answer the question. It discusses the manner in which retribution might enter the model both in the social loss function and the behavior of participants.
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