A Note on the Economics of Stolen Valor

Abstract

The economics of stolen valor concerns the act of trading on false claims of being awarded valorous military service medals. The U.S. Supreme Court overturned the 2005 Stolen Valor Act, largely on First Amendment grounds. Misrepresentation that devalues the reputation of medals for valor may not violate the revised statute despite decreasing the wage premium and discouraging investment in military effort.