The choices of potential victims and of criminals with respect to weapons were analyzed in an economic game framework. It was found, using National Crime Victimization Study data, that victims who have and use guns have both lower losses and lesser injury rates from violent crime. It was also found that the victim’s choice of having a gun is not independent of the criminal’s choice. Based on these findings, the consequences of having a greater portion of the potential victims being armed were analyzed. It was found that this would reduce both losses and injuries from crime as well as both the criminals’ incentives to commit violent crimes and to be armed.