ACCOUNTING FOR THE COSTS OF CRIME IN ASSESSING CRIMINAL JUSTICE POLICIESBenefit-cost analysis is a critical tool to support effective decisionmaking in setting public policy. Researchers who conduct benefit-cost analyses generally aim, to the extent possible, to monetize all the costs and benefits of proposed policy changes, including those that are inherently intangible, to allow for direct comparisons that support informed decisions. In this column, we address the application of benefitcost methods to assessing criminal justice policy, focusing on the methods for monetizing the costs of crime. Mark Cohen of Vanderbilt University and David Farrington of Cambridge University argue that intangible costs of crime, such as pain and suffering, can be substantial and should be monetized using accepted methods. A full accounting of the intangible costs of crime contributes to effective assessment of and decisions about proposed criminal justice policies and programs, such as sentencing guidelines and prisoner reentry programs. In contrast, Todd Clear of Rutgers University and James Austin of the JFA Institute argue that the intangible costs of crime are overstated by the popular methods for monetizing the intangible costs, and these estimated intangible costs tend to overwhelm the more directly tangible costs associated with crime. Consequently, they worry that use of these methods overstates the benefits of policies that reduce crime or recidivism and leads to overinvestment in those policies.