It should perhaps be emphasised that in the schema employed in this book there is no place for any retributive element in punishment. Indeed, retribution is strictly incompatible with the conception of punishment used here. For punishment here is conceived of as an efficient, in varying degrees non-transferable, stochastic price. Efficiency is defined in the normal way in which in welfare-economic analysis prices are adjudged efficient or not, taking into account the features of partial nontransferability and stochasticness. Punishment prices are stochastic in that they are charged not with certainty, only with a degree of probability. A price is said to be non-transferable if to the loser who pays there corresponds no gainer who receives payment. Even fines may be partly non-transferable on account of collection costs.
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