"Robbing banks: Crime does pay – but not very much," a paper by academic economists commissioned by the Royal Statistical Society and American Statistical Association on the economics of bank-robbery concluded that bank-robbers are wasting their time. The return from robberies is "rubbish". John Timmer summarizes the paper for Ars:
The basic problem is the average haul from a bank job: for the three-year period, it was only £20,330.50 (~$31,613). And it gets worse, as the average robbery involved 1.6 thieves. So the authors conclude, "The return on an average bank robbery is, frankly, rubbish. It is not unimaginable wealth. It is a very modest £12,706.60 per person per raid."
"Given that the average UK wage for those in full-time employment is around £26,000, it will give him a modest life-style for no more than 6 months," the authors note. If a robber keeps hitting banks at a rate sufficient to maintain that modest lifestyle, by a year and a half into their career, odds are better than not they'll have been caught. "As a profitable occupation, bank robbery leaves a lot to be desired."
Worse still, the success of a robbery was a bit like winning the lottery, as the standard deviation on the £20,330.50 was £53,510.20. That means some robbers did far better than average, but it also means that fully a third of robberies failed entirely.
Economists demonstrate exactly why bank robbery is a bad idea
Studio North was commissioned to refit an old elevator shaft in a converted warehouse loft in Calgary; they built a tall, narrow library with climbable shelves whose hand- and foot-holds retract into the shelving.
Libretaxi is an open source project that lets anyone become a rideshare driver in less than a minute; it has more than 20,000 users worldwide, and is maintained by Roman Pushkin, who started the project in December 2016 and is now planning to quit his job and work on it full time.
Mister Alphabet is an action-figure designed to cleverly bend and contort into every letter of the Latin alphabet; the website is long on trademark warnings and arty Instagram photos, but short on details, like, “Is this an object of commerce?” and “If so, where does one buy it?” (via Kottke)
The Raspberry Pi Foundation has done outstanding work packing a fully capable desktop computer into a package the size of a deck cards—especially one that only costs $35. But if you already have a working laptop, why should you care? Oh, how much you have to learn. Besides operating well as a compact digital media hub, […]
Custom coffee vessels are the perfect piece of office flair, but it’s just a matter of time before your VOTE FOR PEDRO mug will start to lose its relevant wit. Why not have a new one every day, with whatever silly nonsense you want sticking off the sides? You can save big on your novelty […]
The Lightning port has thus far resisted the cruel fate that befell the headphone jack, and despite rumors that it may be disappearing come iPhone 8, for the present and foreseeable future, Lightning cables are a hot commodity for iPhone users. As such, we must make do in this strange time in which long, glorified […]