“…Following Ehrlich (1975), a number of studies have found evidence supporting a deterrent effect of the death penalty (Cloninger, 1977;Deadman and Pyle, 1989;Ehrlich, 1977;Ehrlich and Liu, 1999;Layson, 1985;Mocan and Gittings, 2001). A far larger set of studies have failed to ®nd deterrent effects of capital punishment (e.g., Avio, 1979Avio, , 1988Bailey, 1982;Cheatwood, 1993;Forst, Filatov, and Klein, 1978;Grogger, 1990;Leamer, 1983;Passell and Taylor, 1977). 1 Although only one small piece of the broader literature on the issue of We would like to thank Austan Goolsbee for comments and criticisms.…”