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Rents, dissipation and lost treasures: Rethinking Tullock's paradox

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  • Giuseppe Dari-Mattiacci

    ()

  • Francesco Parisi

Abstract

In this paper we revisit Tullock's paradox (Tullock, 1980) and consider a rent-seeking game in which parties face increasing returns to effort. We allow parties to randomize their strategies and give them an exit option. Given the mixed participation strategies of the parties, valuable rents may occasionally remain unexploited. We consider such a lost-treasure effect as an additional cost of rent seeking and examine how the expected value of such a lost rent varies with changes in the parameters of the problem. Copyright Springer Science + Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s11127-005-2056-0
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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 124 (2005)
Issue (Month): 3 (September)
Pages: 411-422

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Handle: RePEc:kap:pubcho:v:124:y:2005:i:3:p:411-422

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Web page: http://www.springerlink.com/link.asp?id=100332

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  1. Robert Tollison, 2012. "The economic theory of rent seeking," Public Choice, Springer, vol. 152(1), pages 73-82, July.
  2. Baye, M.R. & Kovenock, D., 1993. "The Solution of the Tullock Rent-Seeking Game when R > 2 : Mixed-Strategy Equilibria and Mean Dissipation Rates," Discussion Paper 1993-68, Tilburg University, Center for Economic Research.
  3. Tollison, Robert D, 1982. "Rent Seeking: A Survey," Kyklos, Wiley Blackwell, vol. 35(4), pages 575-602.
  4. Posner, Richard A, 1975. "The Social Costs of Monopoly and Regulation," Journal of Political Economy, University of Chicago Press, vol. 83(4), pages 807-27, August.
  5. Perez-Castrillo, J David & Verdier, Thierry, 1992. " A General Analysis of Rent-Seeking Games," Public Choice, Springer, vol. 73(3), pages 335-50, April.
  6. Rowley, Charles K, 1991. " Gordon Tullock: Entrepreneur of Public Choice," Public Choice, Springer, vol. 71(3), pages 149-69, September.
  7. Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169.
  8. Baye, M.R. & Kovenock, D. & De Vries, C.G., 1993. "The Solution to the Tullock Rent-Seeking Game when r>2: Mixed-Strategy Equilibria and Mean Dissipation Rates," Purdue University Economics Working Papers 1039, Purdue University, Department of Economics.
  9. Baye, Michael R & Kovenock, Dan & de Vries, Casper G, 1999. " The Incidence of Overdissipation in Rent-Seeking Contests," Public Choice, Springer, vol. 99(3-4), pages 439-54, June.
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Citations

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Cited by:
  1. Barbara Luppi & Francesco Parisi, 2012. "Litigation and legal evolution: does procedure matter?," Public Choice, Springer, vol. 152(1), pages 181-201, July.
  2. Florian Baumann & Tim Friehe, 2013. "A note on the timing of investments in litigation contests," European Journal of Law and Economics, Springer, vol. 35(3), pages 313-326, June.
  3. Christian Ewerhart, 2014. "Mixed equilibria in Tullock contests," ECON - Working Papers 143, Department of Economics - University of Zurich.
  4. Münster, Johannes, 2006. "Rents, dissipation and lost treasures: comment," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 119, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  5. Johannes Münster, 2007. "Rents, dissipation and lost treasures: Comment," Public Choice, Springer, vol. 130(3), pages 329-335, March.
  6. Maria Alessandra Antonelli, 2010. "Income Distribution And Rent Seeking Costs: A Note," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 10(3), pages 5-12.
  7. Karl Wärneryd, 2012. "Nine points of the law: evidentiary rules and the costs of litigation," Public Choice, Springer, vol. 153(3), pages 279-285, December.

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