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Enduring rents

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Author Info
Aidt, Toke S.
Hillman, Arye L.

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Abstract

Rent seeking is often studied with reference to a contemporaneous rent evaluated at a point in time. We study the social cost of rent seeking when rents endure over time, but may have to be re-contested because of imperfect rent protection, or may disappear because of deregulation. The present value of a contested rent measures the social cost of rent seeking, irrespective of imperfect rent protection and the prospect of deregulation. Rent seeking is discouraged by the inability of governments to commit to protect rents and by their inability to commit to rent-generating regulations and policies. Moreover, lasting deregulation can preempt a substantial fraction of the potential rent seeking cost.

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File URL: http://www.sciencedirect.com/science/article/B6V97-4SFS0H9-1/2/6e5e19455699e329427bafe1929bd23c
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Publisher Info
Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 24 (2008)
Issue (Month): 3 (September)
Pages: 545-553
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Handle: RePEc:eee:poleco:v:24:y:2008:i:3:p:545-553

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Web page: http://www.elsevier.com/locate/inca/505544

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Nitzan, Shmuel, 1994. "Modelling rent-seeking contests," European Journal of Political Economy, Elsevier, vol. 10(1), pages 41-60, May. [Downloadable!] (restricted)
  2. Dan Kovenock & Michael R. Baye & Casper G. de Vries, 1996. "The all-pay auction with complete information (*)," Economic Theory, Springer, vol. 8(2), pages 291-305.
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  3. Toke Skovsgaard Aidt, 2002. "Strategic Political Participation and Redistribution," Economics and Politics, Blackwell Publishing, vol. 14(1), pages 19-40. [Downloadable!] (restricted)
  4. McCormick, Robert E & Shughart, William F, II & Tollison, Robert D, 1984. "The Disinterest in Deregulation," American Economic Review, American Economic Association, vol. 74(5), pages 1075-79, December. [Downloadable!] (restricted)
  5. Toke S. Aidt, 2003. "Economic analysis of corruption: a survey," Economic Journal, Royal Economic Society, vol. 113(491), pages F632-F652, November. [Downloadable!] (restricted)
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