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Abstract A number of economists recently have applied tools of economics to analysis of crime. The resulting models of criminal activity typically postulate that crime is positively related to gains porn crime and inversely related to the probability of punishment. While empirical studies have confirmed this latter effect, the relation between gains from crime and criminal activity has not been satisfactorily examined. This paper specifically tests the empirical relation between criminal behavior and the gains from crime. The unsettling possibility that decreases in the gains from crime my lead to increases in the number of crimes is discussed.